US Treasury yields fell sharply as investors shifted into bonds after hotter-than-expected inflation data and a sell-off in technology shares.
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01Summary
- 01The 10-year Treasury yield fell almost 13 basis points to 5.066% on Thursday.
- 02The 30-year Treasury bond yield dropped to 5.40%, while the 2-year Treasury note yield fell more than 6 basis points to 4.74%.
- 03US wholesale prices rose 6.3% year on year in September, the largest increase since 2022, beating the 5.5% forecast.
- 04The consumer price index also came in above expectations on Wednesday, rising 0.6% month on month and 3.7% year on year in September.
- 05Fed funds futures were still pricing in at least one more quarter-point rise by the end of the year, according to CME FedWatch.
02Why it matters
Higher bond yields or lower yields can quickly change borrowing costs and the appeal of stocks versus safer assets. The move also shows investors are becoming more cautious about inflation, interest rates and the AI-driven tech rally.
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