US Treasury yields took a breather this week. The 10-year yield fell 13bp to 4.96% on 22 October, after closing at 5.09% a week earlier. The 30-year eased 14bp to 5.29% and the 2-year slipped 9bp to 4.65%. Even after the pullback, the 10-year remains 77bp above its level at the start of 2026 and only 35bp below its October peak of 5.31%. The week's move looks like consolidation after a sharp run higher rather than a change of trend. Source: US Treasury, daily par yield curve rates (data through 22 October 2026).