Commuters exit a Wall Street subway station near the New York Stock Exchange on October 20, 2023.
Treasuries rallied, bouncing back from a slide that took the 10-year Treasury yield beyond 5 percent for the first time in 16 years, as investors start to question whether the economy can withstand current interest rates.
The 10-year yield rose as much as 11 basis points (bps), to 5.02 percent, the highest since 2007, before erasing its increase and falling as low as 4.83 percent. It was below 4 percent as recently as August 10, but has climbed since as investors have embraced the view that the Federal Reserve will keep its policy rate elevated indefinitely, until inflation returns to its 2 percent target.
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