While most investors and analysts have been focused on the stock market’s recovery to levels near all-time highs, the fixed-income market has made a sharp move of its own. Looking at the key Treasury market, the ten-year Note yield has risen from 1.43% in early September to the 1.80% level today. Similarly, the 30-year bond yield has risen from 1.93% in early September to more than 2.3% today.
Across the globe, yields on the ten-year notes in Germany, Japan, and France are still negative, but the comparable rates in the UK and Australia are noticeably positive.
It is too early to conclude with confidence that rates in the U.S. have bottomed, but the recent snap back up in the ten-year Note and the 30-year Bond should not be ignored.