'Bears are back in town,' pushing 10-year Treasury rate closer to 5% after data

“‘While geopolitical concerns haven’t faded this week, the Treasury market appears content to revert to trading the no-landing narrative for the time being.’”

The 10-year yield BX:TMUBMUSD10Y, which impacts a range of consumer and corporate borrowing, jumped as much as 15 basis points to as high as 4.86% in New York morning trading on its way to its highest closing level since at least Aug. 8, 2007. The last time the 10-year yield ended the New York session above 5% was on July 19, 2007, when it reached 5.028%. The 2-year yield BX:TMUBMUSD02Y also headed toward its highest close in 17 years.

“Technically, we are still in a bit of an air pocket on the 10-year rate,” said Gennadiy Goldberg, head of U.S. rates strategy for TD Securities in New York. He described the “air pocket” as being between 4.5% and 5.3%, the latter of which was the level that prevailed prior to the 2007-2009 financial and economic crisis.

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