Today's Word Is Basis Point

Today's word is basis point: one hundredth of one percent. The thirty-year Treasury yield hit its highest in 24 years the day before the jobs report and sat at 5.618% on Friday morning, pushed up by sticky inflation and central bankers talking tough. Traders had a 72% chance on an October hold. Then came the jobs report.

The day before the weak September jobs report, the thirty-year Treasury yield hit its highest level in 24 years and sat at 5.618% on Friday morning, with the ten-year at 5.243% and the two-year at 4.787%, after a week of global bond selling driven by sticky inflation and hawkish central banks; Deutsche Bank said resilient data had given the Fed room to start hiking, and traders put a 72% chance on an October hold before the numbers landed.

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