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Bond market bust: A key rate just blew through another decades-old record

The yield on the 10-year benchmark US Treasury note has reached its highest level since the dot-com bust of 2002. This surge is part of an unrelenting sell-off in the US bond market and a broader global bond rout. While yields have soared to a 24-year high, recent September employment data showing only 29,000 new jobs against an expected 84,000 has lowered expectations for further rate hikes. The probability of a Federal Reserve rate increase in October has dropped to approximately 18%.

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  • βœ“ The yield on the 10-year benchmark Treasury note hit its highest level since 2002.
  • βœ“ The US bond market is experiencing an unrelenting sell-off.
πŸ›‘οΈ Source Corroboration: 8 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

The 10-year Treasury yield surpassed a decades-old record to reach levels not seen since 2002.

Live updates

  1. 10-Year Treasury Yield Hits Highest Level Since 2002

    The yield on the 10-year benchmark US Treasury note has reached its highest level since the dot-com bust of 2002. This surge is part of an unrelenting sell-off in the US bond market and a broader global bond rout. While yields have soared to a 24-year high, recent September employment data showing only 29,000 new jobs against an expected 84,000 has lowered expectations for further rate hikes. The probability of a Federal Reserve rate increase in October has dropped to approximately 18%.

    Why it matters

    US government bonds are the most important financial market globally and are typically viewed as the safest assets. Rapidly rising yields indicate a market sell-off that can increase borrowing costs across the economy.

    What is confirmed

    • The yield on the 10-year benchmark Treasury note hit its highest level since 2002.
    • The US bond market is experiencing an unrelenting sell-off.

    Still unconfirmed

    • The probability of a Federal Reserve rate hike in October fell to about 18%.

    What to watch next

    • Federal Reserve decision on October interest rates
    • Further employment data releases
    • Continued movement in the 10-year Treasury yield
    Sources used for this update (9)
    1. WSJ β€” Surging Yields Bring the Bond Market Back to the Turn of the Century
    2. CNN β€” Bond market bust: The 10-year Treasury yield hit its highest level since 2002
    3. www.cnn.com β€” Bond market bust: The 10-year Treasury yield hit its highest ...
    4. Reuters β€” Why are world bond markets selling off again?
    5. The New York Times β€” The Global Bond Rout Reaches Worrying New Levels
    6. Yahoo Finance β€” US 10-Year Treasury Yield Soars To 24-Year High: Will The Selloff Continue?
    7. mrlee.co.kr β€” 9μ›” 고용 쇼크에 κΈˆλ¦¬μΈμƒ μ œλ™, μ¦μ‹œ λ°˜λ“±
    8. flipboard.com β€” Bond market bust: A key rate just blew through another decades-old record
    9. flipboard.com β€” Market Reaction To Micron Earnings And Broadcom Deal Signals A Shift In AI Trade
    confidence 90%
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