- Selloff in U.S. government debt gains momentum in late afternoon
- Most Treasury yields either above or heading towards 5%
- 3-7 year yields rose by 17 basis points
- Benchmark 10-year rate up 14.4 basis points at 4.853%
- Largest one-day jump since at least Sept. 21
- Two- and 10-year yields at highest closing levels in 16 to 17 years
The selloff in U.S. government debt gained momentum in the late afternoon, with most Treasury yields either rising above or heading towards 5%. According to FactSet data, the 3-7 year yields increased by 17 basis points. The benchmark 10-year rate saw a significant rise of 14.4 basis points, reaching 4.853%, following a stronger-than-expected retail sales report in September. This jump marks the largest one-day increase since at least September 21. Additionally, the two- and 10-year yields are on track to reach their highest closing levels in 16 to 17 years.
