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US 10-year yield jumps to 24-year high before rebounding after auction
A $39 billion 10-year note auction cleared at 5.30% with unusually strong demand, including 80.3% taken by indirect bidders.
The US 10-year Treasury yield rose to about 5.35%, its highest level in roughly 24 years, before pulling back toward around 5.29%, according to Action Forex.
Action Forex said the move came as a $39 billion 10-year auction cleared at 5.30%, the highest auction yield since 2000, and drew unusually strong demand that suggested duration buyers are still active near current levels.
The outlet reported that indirect bidders took 80.3% of the issue versus a 72.4% average, while dealers were left with 2.5% compared with their usual 9.4% share.
Action Forex added that September FOMC minutes noted AI-related borrowing as a new contributor to rising yields, and that the technical chart points to a 5.41% to 5.42% resistance zone as the next test.