Treasury yields surged in September and sapped the energy from a strong stock market as investors came to terms with the likelihood that interest rates will remain high well into next year. The yield on the 10-year Treasury jumped to the highest level in nearly two decades. High bond yields make it less likely that investors will invest in riskier stocks, especially pricey technology companies. The early autumn slump in bond prices that jolted yields higher tripped up what had been a solid recovery for the S&P 500 and other major indexes in 2023.
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High bond yields make it less likely that investors will invest in riskier stocks, especially pricey technology companies. The early autumn slump in bond prices that jolted yields higher tripped up what had been a solid recovery for the S&P 500 and other major indexes in 2023. That could remain the case for the rest of the year and into 2024.
Treasury yields last hovered at these levels in mid-2007 and the broader market ranged from ticking higher to holding steady. That held until the financial crisis of 2008 wreaked havoc on the markets and economy, eventually prompting the Fed to slash its benchmark interest rate to near zero.
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