TREASURY YIELDS SURGE TO FRESH 24-YEAR HIGHS

Treasuries sold off sharply, pushing the 10-year yield to 5.34% and the 30-year to 5.70%, their highest levels since 2002.

Pressure comes from resilient growth, AI-driven investment and persistent inflation, with ISM Services Prices Paid hitting 74.0, the highest since July 2022.

Markets price roughly a 25% chance of an October Fed hike, with a full 25bp increase priced by December.
(@WalterBloomberg)