--- title: "TREASURIES-US yields edge up, but 10-year under 5% as AI jitters remain" type: "News" locale: "en" url: "https://longbridge.com/en/news/302904484.md" datetime: "2026-10-23T15:26:12.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/302904484.md) - [en](https://longbridge.com/en/news/302904484.md) - [zh-HK](https://longbridge.com/zh-HK/news/302904484.md) generator: "portal-rs" --- # TREASURIES-US yields edge up, but 10-year under 5% as AI jitters remain - Yields higher after tumble in the prior session - S&P Composite PMI eases to 57.6 - Two-year yield on pace for fourth straight week of declines By Chuck Mikolajczak NEW YORK, Oct 23 (Reuters) - US Treasury yields rose on Friday, a day after the benchmark 10-year yield saw its biggest one-day drop in nearly four years, but remained under the 5% mark as concerns about the durability of a rally in AI-related stocks lingered. The 10-year yield plunged 19.3 basis points on Thursday, its biggest drop since March 10, 2023, when SVB Financial Group was closed by regulators after the bank’s failed attempt to raise capital. Recent concerns about the sustainability of the AI trade, a major component of the current bull market for equities, have pushed investors toward safer assets such as government debt, even as economic data point to continued price pressures and oil prices have advanced above the $100-a-barrel mark. US stocks were lower in the early stages of trading, although the S&P 500 technology sector (.SPLRCT) was higher on the day. The yield on the benchmark US 10-year Treasury note (US10YT=RR) rose 3.7 basis points to 4.992%. The 10-year yield is down about 11 basis points on the week and on pace for a third straight week of declines, its longest run lower since June. “We’re going to see yields over 5% for the 10-year again. We’re not that far away, but this is not like, ‘oh, OK, we’re off to the races here,’” said JoAnne Bianco, partner and senior investment strategist at BondBloxx Investment Management in Chicago. “There are still all these headwinds in terms of sticky inflation, growing Treasury supply to finance the deficits, just the need in general, with all the uncertainty that we have for higher term premiums and then higher energy prices that seem to be here to stay for a while.” ### COMPOSITE INDEX SLIPS FROM PEAK Yields extended gains after S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, slipped to 57.6 this month from a five-year-high reading of 58.4 in September, but remained well above the 50 threshold that signals expansion. The yield on the 30-year bond (US30YT=RR) rose 2.8 basis points to 5.315% and was down nearly 13 basis points on the week, also on track for a third straight week of declines. Even with economic data pointing to rising price pressures, market expectations for a rate increase from the Federal Reserve at its policy meeting next week have wilted. The probability of a hike of at least 25 basis points has shrunk to 8.3%, according to CME FedWatch, from 15.5% a week ago and 70.9% a month earlier. A closely watched part of the US Treasury yield curve measuring the gap between yields on 2- and 10-year Treasury notes (US2US10=TWEB) , seen as an indicator of economic expectations, was at a positive 30.8 basis points. Other data from the University of Michigan’s Surveys of Consumers showed its Consumer Sentiment Index dropped to 48.0 this month from a final reading of 48.1 in September. The 2-year (US2YT=RR) US Treasury yield, which typically moves in step with interest rate expectations for the Fed, rose 4.5 basis points to 4.68% but was down about 5 basis points on the week. The 2-year yield was poised for its fourth consecutive week of declines, its longest stretch of the year. The breakeven rate on 5-year US Treasury Inflation-Protected Securities (TIPS) (US5YTIP=TWEB) was last at 2.463%, on track for its highest close since September 10, after closing at 2.38% on Thursday. The 10-year TIPS breakeven rate (US10YTIP=TWEB) was last at 2.349%, indicating the market sees inflation averaging about 2.3% a year for the next decade. ### Related Stocks - [SPGI.US](https://longbridge.com/en/quote/SPGI.US.md) - [GOVT.US](https://longbridge.com/en/quote/GOVT.US.md) - [IEF.US](https://longbridge.com/en/quote/IEF.US.md) - [SHY.US](https://longbridge.com/en/quote/SHY.US.md) - [SPY.US](https://longbridge.com/en/quote/SPY.US.md) - [TLT.US](https://longbridge.com/en/quote/TLT.US.md) - [SIVB.US](https://longbridge.com/en/quote/SIVB.US.md) ## Related News & Research - [Is S&P Global (SPGI) Stock Starting To Look Pricey Now?](https://longbridge.com/en/news/305054392.md) - [Treasury yields edge higher as traders await CPI inflation data, weigh Fed's Waller comments](https://longbridge.com/en/news/305005243.md) - [Earnings Outlook Lift Could Be A Game Changer For S&P Global (SPGI)](https://longbridge.com/en/news/304708754.md) - [S&P Global Inc. $SPGI Shares Sold by AIA Group Ltd](https://longbridge.com/en/news/304413996.md) - [Blend Financial: US inflation erases October wage gains](https://longbridge.com/en/news/305059614.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**