Five-year note auction yields 5.033% on $70B sale
Treasury sold $70B of 5-year notes at 5.033% yield with a 3.1-bp tail and lower bid-to-cover.
Treasury sold $70B of 5-year notes at 5.033% yield with a 3.1-bp tail and lower bid-to-cover.
US Treasury yields hit multi-year highs as strong growth and sticky inflation pressure the Fed. Stocks fell sharply.
European stocks fell Wednesday as rising bond yields on both sides of the Atlantic weighed on sentiment.
US dollar rises as Treasury yields climb and odds of another Fed rate hike increase.
Bitcoin fell under $84,000 after strong US PMI data pushed Treasury yields higher.
Fed's Michael Barr said more rate hikes are likely needed to bring inflation back to 2% in a timely manner.
US September flash services PMI rose to 58.7, beating the 56.0 forecast. Manufacturing PMI jumped to 57.0.
Bitcoin rose about 13% after the Fed's September 16 rate hike, driven by Wall Street fund buying. Three factors fueled their return.
S&P Global's flash September US PMIs due Wednesday; traders forecast Manufacturing at 53.5 and Services at 56.
Brent crude regained $100, yields and dollar rose, European stocks slipped on inflation fears.
Gold slipped to the key $4,300 support zone as Trump dampened de-escalation hopes; eyes on US PMIs and Iran talks.
Equities have held up despite 10-year yields approaching 5%, supported by AI enthusiasm and lower oil. However, further yield increases could test thisβ¦
UK September flash services PMI fell to 51.7, below expectations; manufacturing beat at 52.0, composite also missed.
Germany's September flash manufacturing PMI came in at 53.8, below the expected 54.0, while services and composite PMIs beat forecasts.
France's September PMI readings returned to expansion, with services at a 10-month high, but rising price pressures complicate ECB outlook.