John Authers, Columnist

Helter-Skelter in Bonds as Markets Doubt Fed Cuts

Treasury yields are back above 4%. Blame Powell, blame Trump, but don’t pretend like the election is already done. It’s not.

October 22, 2024 at 4:18 AM UTC

By John Authers

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

Early voting underway in North Carolina.
Photographer: Allison Joyce/Bloomberg

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If you thought the bond market had got its story straight, think again. On the anniversary of its brief trip above 5%, the 10-year Treasury yield is surging upward once more. In the wake of the Federal Reserve’s decision last month to make a jumbo cut of 50 basis points to the fed funds rate, the 10-year yield dropped below 3.6%. It’s now above its 200-day moving average, at 4.19%. The helter-skelter ride continues: