Treasury yields edge lower as Brent crude falls below $99

Treasury rates spiked on Wednesday to multiyear highs in what was the biggest one-day move for the 10-year Treasury yield in nearly 18 months. There were a number of reasons cited for the sudden move higher:

The 10-year Treasury note yield popped more than 14 basis points to 5.116% and reached a level not seen since July 2007. The move gained steam after the 10-year yield broke through the key 5% level. It marked the benchmark yield's biggest one-day move since April 7, 2025 — when it surged 16.6 points.

The 2-year Treasury note yield , which is most sensitive to expected changes in Fed policy, jumped more than 12 basis points to 4.906% and hit its highest level since May 2024 as traders increased their bet the Federal Reserve would need to hike again in October.