The Dearest Thirty Years

Word arrived that thirty-year borrowing was dearest in twenty-four years: the 30-year Treasury yield hit a 24-year high the day before the jobs report and sat at 5.618% on Friday morning, with the ten-year at 5.243%. Sticky prices and hawkish bankers kept rates high for longer, and one bank said strong data had let the Fed hike. The jobs report was due at breakfast.

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.

Starring

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