US 10-Year Treasury Yield Hits 24-Year High Above 5.30%

The 10-year US Treasury yield surged above 5.30% on Wednesday, reaching a 24-year high last seen in spring 2002, driven by resilient economic data, energy-related inflation concerns, and rising government debt. The benchmark yield climbed to 5.31%, up 5 basis points, surpassing its 2007 peak. Yields rose across the curve, with the 30-year at 5.65%. Softer-than-expected August PCE inflation data reduced market odds of a Fed rate hike in October to about 37%, shifting expectations to December. Traders now focus on Friday's September jobs report, with economists forecasting 84,000 new jobs. A stronger reading could intensify upward pressure on yields, while the Fed's 2% inflation target remains distant.