Bonds & Rates
Treasury yields climb, credit softens
Rates move higher across the curve while investment-grade credit underperforms.
Treasury yields close higher across the board. The 5-year Treasury sits at 4.405%, up 1.0%. The 10-year reaches 4.699%, up 0.8%. The 30-year ends at 5.243%, up 0.6%.
The move leaves the curve firmly above its longer-run trend levels in the data. The 5-year, 10-year, and 30-year all trade above their 200-day averages, showing that higher yields remain a live feature of the market even after recent easing in other risk indicators.
Credit closes weaker. LQD falls 0.6% and moves below both its 50-day and 200-day averages. HYG slips 0.2%, while MUB is off 0.1%. That split says investors are not treating the session as a full risk-off day, but duration and higher-grade credit still take a hit.
The VIX adds a second layer of context. The 30-day VIX rises 3.8% to 15.46, but the VIX 9-day falls 24.2% to 12.77. In plain English, near-term anxiety cools, while the broader volatility backdrop stays a little less calm.