Long Bonds Hit The Clearance Rack Thornton McEnery Wed, October 7, 2026 at 10:04 AM EDT 2 min read NVDA -0.58% %5ETNX Trade NVIDIA on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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The long end of the Treasury market has been marked down for two months, and on Wednesday it got even cheaper.
The 10-year yield rose nearly 8 basis points to 5.35%, its highest since 2002, and the 30-year added 8.3 basis points to 5.724%, also a 24-year high, while the 2-year moved a comparatively polite 2.7 basis points to 4.818%. When the longest bonds take the worst of it, investors are asking to be paid for the waiting, which is all term risk really means.
Treasury puts $39 billion of 10-year notes on the shelf at 1 pm, and the result will say whether 5.35% brings shoppers in or whether they want more for inflation, the debt, and the decade they'll be holding the thing.
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The 10-year sale is the middle of three. Tuesday moved $58 billion of 3-year notes, Thursday brings $22 billion of new 30-year bonds, and that same Thursday Treasury buys back at least $4 billion of existing bonds maturing in 20 to 30 years. The buyback is double the normal size, and the last one in that range came to just over $4 billion, so we'd gently suggest normal has been redefined.
Since the end of July, the 10-year is up 60 basis points and U.S. crude is up 20%, and bond buyers have been treating every leg higher in oil as inflation they'd be repaid in. Overseas, France's 10-year jumped 12 basis points to 4.876%, and the U.K.'s rose 7 to 5.447%, which leaves Britain paying more than Washington to borrow for a decade.
The Fed's minutes land at 2 pm, an hour after the auction results, from the September meeting where policymakers raised rates for the first time since 2023. We'll be reading for how much of the room was already watching the long end.
