Treasury yields on October 29 moved lower: the 10-year closed at 4.98%, back under 5% after finishing at 5.05% the day before, according to the Treasury Department’s daily par yield curve. The 2-year yield fell to 4.61% from 4.67%.
Treasury yields on October 29 and the two days before
| Date | 2-year | 10-year |
|---|---|---|
| Oct. 27 | 4.70% | 4.99% |
| Oct. 28 | 4.67% | 5.05% |
| Oct. 29 | 4.61% | 4.98% |
Source: U.S. Treasury daily par yield curve rates. The Oct. 30 reading was not yet posted when this was written.
What changed
The 10-year yield rose 6 basis points on Oct. 28, the day the Federal Reserve held rates, then gave back 7 basis points on Oct. 29. The 2-year yield fell on both days, by 3 and then 6 basis points. The gap between the two was 38 basis points on Oct. 28 and 37 on Oct. 29, so the shape of the curve barely changed even as both yields dropped.
Bond prices rise when yields fall. A Bloomberg report on Friday said Treasuries extended their rally alongside global peers as technology stocks sold off, which is a familiar pattern when investors move money toward government debt.
Where to follow the 10-year
This site keeps one permanent page on the benchmark, the 10-year Treasury yield explainer, which carries the longer history. For the Fed-meeting context, see our earlier notes on the yields before the Fed and on the move back above 5%.
Editor’s take
Watch whether the 10-year stays under 5%. It has been on both sides of that line in three days. Several consecutive closes below it would say more about the trend than any single session.
