---
title: "Standard Chartered Sees Further Upside Risk for U.S. Treasury Yields"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/293909689.md"
description: "Standard Chartered warns that U.S. Treasury yields face further upside risk, citing poor market performance in July. Strategist John Davies suggests the 10-year yield could return to around 5%, similar to October 2023 levels. The bank draws parallels to the mid-2023 selloff driven by supply concerns, rising oil prices, Fed policy uncertainty, balance-sheet reduction, and spillover from Japanese bond volatility."
datetime: "2026-07-27T09:25:51.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/293909689.md)
  - [en](https://longbridge.com/en/news/293909689.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/293909689.md)
---

# Standard Chartered Sees Further Upside Risk for U.S. Treasury Yields

Standard Chartered said the U.S. Treasury market performed poorly in July and warned that U.S. yields still face further upside risk. John Davies, the bank’s U.S. rates strategist, said in a report that a return of the 10-year Treasury yield to around 5%, last seen in October 2023, is not impossible, according to Jiemian News. The report said the current market bears similarities to the U.S. Treasury selloff from July to October 2023, when yields were pushed higher by concerns over Treasury supply, rising oil prices, uncertainty over the Federal Reserve’s policy outlook, the Fed’s balance-sheet reduction and spillover from volatility in Japanese long-term government bonds.

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