{"id":2172,"date":"2023-10-19T19:08:18","date_gmt":"2023-10-19T19:08:18","guid":{"rendered":"https:\/\/lendingsensibly.com\/markets\/10-year-treasury-yield-not-far-from-5-after-powells-prepared-remarks\/"},"modified":"2023-10-19T19:08:18","modified_gmt":"2023-10-19T19:08:18","slug":"10-year-treasury-yield-not-far-from-5-after-powells-prepared-remarks","status":"publish","type":"post","link":"https:\/\/lendingsensibly.com\/?p=2172","title":{"rendered":"10-year Treasury yield not far from 5% after Powell\u2019s prepared remarks"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002634157\" role=\"document\">\n<p>Long-dated Treasury yields remained higher on Thursday, with the 10- and 30-year rates on their way to more 16-year highs, as traders assessed prepared remarks from Federal Reserve Chair Jerome Powell. <\/p>\n<h2>What\u2019s happening<\/h2>\n<ul class=\"articleList\">\n<li>\n      The yield on the 2-year Treasury<br \/>\n        BX:TMUBMUSD02Y<br \/>\n       fell 4.4 basis points to 5.174% from 5.218% on Wednesday. Wednesday\u2019s level was the highest close since July 5, 2006, based on 3 p.m. Eastern time figures from Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      The yield on the 10-year Treasury<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rose 1.6 basis points to 4.918% from 4.902% Wednesday afternoon. Wednesday\u2019s level was the highest close since July 25, 2007.<\/p>\n<\/li>\n<li>\n      The yield on the 30-year Treasury<br \/>\n        BX:TMUBMUSD30Y<br \/>\n       advanced 3.4 basis points to 5.027% from 4.993% late Wednesday. Wednesday\u2019s level was the highest close since Aug. 17, 2007. <\/p>\n<\/li>\n<\/ul>\n<h2>What\u2019s driving markets<\/h2>\n<p>The 10-year Treasury yield traded just below 5% \u2014 its highest since the summer of 2007 \u2014 as investors continued to sell long-dated U.S. government debt on fears that robust economic data could encourage the Federal Reserve to keep interest rates higher for longer as it battles inflation.<\/p>\n<div class=\"paywall\">\n<p>Data released on Thursday showed that initial jobless claims fell to a nine-month low of 198,000 last week, defying expectations for rising layoffs amid higher U.S. interest rates. New jobless claims declined from a revised 211,000 in the prior week. Meanwhile, the Philadelphia Fed\u2019s manufacturing gauge remained in contractionary territory for the second straight month in October. <\/p>\n<p>In prepared remarks for delivery on Thursday, Powell said that the central bank is \u201cattentive\u201d to the recent economic data that shows resilient economic growth and demand for labor, and more hikes may be needed if that trend continues.<\/p>\n<p>Meanwhile, there are concerns that some important buyers of Washington\u2019s debt are pulling back. Chinese investors sold U.S. assets at the fastest pace in four years in August, according to official Treasury Department data released Wednesday evening. <\/p>\n<p>Markets priced in a 98% probability that the Fed will leave interest rates unchanged at a range of 5.25%-5.5% on Nov. 1, according to the CME FedWatch Tool. The chance of a 25-basis-point rate hike to a range of 5.5%-5.75% by December was seen at 35.8%.  <\/p>\n<h2>What analysts are saying<\/h2>\n<p>Ten-year yields \u201care at the precipice of a 5-handle,\u201d said BMO Capital Markets strategists Ian Lyngen and Ben Jeffery. \u201cRegardless of how long 5% 10-year yields persist, we\u2019re left to ponder how long higher yields can be absorbed by U.S. stocks\u202610-year yields spiking above 5% might be long overdue for some market participants, but perhaps not a welcome development for equity investors.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/ten-year-treasury-yield-flirts-with-5-ahead-of-powell-comments-9c1768b3?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Long-dated Treasury yields remained higher on Thursday, with the 10- and 30-year rates on their way to more 16-year highs, as traders assessed prepared remarks from Federal Reserve Chair Jerome Powell. What\u2019s happening The yield on the 2-year Treasury BX:TMUBMUSD02Y fell 4.4 basis points to 5.174% from 5.218% on Wednesday. Wednesday\u2019s level was the highest close since July 5, 2006, based on 3 p.m. Eastern time figures from Dow Jones Market Data. The yield on the 10-year Treasury BX:TMUBMUSD10Y rose 1.6 basis points to 4.918% from 4.902% Wednesday afternoon. Wednesday\u2019s level was the highest close since July 25, 2007. The<\/p>\n","protected":false},"author":1,"featured_media":322,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-2172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10-year Treasury yield not far from 5% after Powell\u2019s prepared remarks | LendingSensibly<\/title>\n<meta name=\"description\" content=\"Long-dated Treasury yields remained higher on Thursday, with the 10- and 30-year rates on their way to more 16-year highs, as traders assessed prepared\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lendingsensibly.com\/?p=2172\" \/>\n<meta property=\"og:locale\" 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