US 10-year Treasury: the benchmark cools off

The US 10-year Treasury yield stood at 5.13% on 21 October 2026, 18 basis points below its 2026 peak of 5.31% set in early October.

The benchmark started the year at 4.19% and bottomed at 3.97% in late February, so the climb since then exceeds a full percentage point. The October surge pushed the 10-year to multi-year highs, and the pullback since has been gradual. Even after easing, the benchmark remains close to its highest levels of 2026, keeping pressure on valuations and borrowing costs.

Source: US Treasury, daily par yield curve rates.