10-Year Bond Yield Breaks Above 5%, a 19-Year High, After Strong US PMI

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The yield on the 10-year US Treasury note surged past the 5% level today, hitting its highest in 19 years, after the release of strong US purchasing managers' index data, which heightened investor worries about interest rate hikes by the Federal Reserve. As of 10:54 pm Thailand time, the 10-year Treasury yield stood at 5.083%, its highest since July 2007. The 30-year Treasury yield stood at 5.388%. S&P Global reported that the preliminary composite PMI for US manufacturing and services rose to 58.4 in September, the highest in 62 months, from 56.0 in August. The preliminary manufacturing PMI rose to 57.0, the highest in 52 months, and the preliminary services PMI rose to 58.7, the highest in 59 months. Meanwhile, Federal Reserve Governor Michael Barr said he expects the Fed will need to keep raising interest rates to control inflation, noting that the labor market and economic growth remain strong, but inflation is still above the Fed's 2% target.

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