Treasury Secretary Scott Bessent said the increase was in line with global trends and does not require concern, noting in an interview with Axios that he cannot control the bond market. Bessent argued against the idea of an idiosyncratic rise, stating that investors are not selling Treasuries to buy German or Japanese bonds. Despite his dismissal, the surge in government borrowing costs has already pushed retail mortgage rates back above 7%.
Tuesday, October 20, 2026
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US 30 Year Treasury Yield Hits Fresh 24 Year High of 5.70%
US Markets15 days ago
Investors intensified their retreat from long dated US government bonds on Oct. 5, pushing benchmarks toward their highest levels since the turn of the century. The yield on the 30 year Treasury touched 5.6959%, establishing a fresh 24 year peak, while the 20 year benchmark rose to 5.737%. This volatility follows a series of spikes, including a climb in the 10 year note to 5.31% on Oct. 1, creating a market environment that is forcing the Federal Reserve to adopt a more hawkish stance.
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