10-Year Treasury Yield Hits 5.292% as Waller Signals More Fed Hikes
Updated
Updated · CNBC · Oct 8
10-Year Treasury Yield Hits 5.292% as Waller Signals More Fed Hikes
3 articles · Updated · CNBC · Oct 8
Summary
The 10-year Treasury yield rose above 5.29% on Thursday, staying near its highest level since 2002, while the 2-year climbed 4 basis points to 4.804%.
Christopher Waller said more rate hikes are needed to push inflation back to the Fed’s 2% target, though he indicated increases need not come at consecutive meetings.
Those remarks followed September Fed minutes showing officials still expect one more hike this year; markets now see rates held on Oct. 28 and raised on Dec. 9.
Treasury supply remained in focus after a $39 billion 10-year sale drew more than 80% participation from global central banks, ahead of Thursday’s $22 billion 30-year auction.
Fresh labor data also reinforced the higher-yield backdrop, with weekly jobless claims falling to 197,000, below the 200,000 economists expected.