US 10-year Treasury yield tops 5.1%, highest since 2007, as strong September PMIs lift odds of an October Fed hike to ~70%

The US 10-year Treasury yield rose to 5.106%, its highest since 2007, after September flash PMIs (composite 58.4, a July 2021 high; manufacturing 57.0 vs 53.7 expected; services 58.7 vs 56.0 expected) pointed to economic strength. Markets now price roughly a 70% chance of a 25bp Federal Reserve rate hike at the October FOMC.

Detected & updated continuously · Source: Nebula