Entire Treasury Market Yields at Least 4%, Now Including 30-Year

March 04, 2023

The 30-year yield rose as much as 8 basis points to 4.03%, up from a 2023 low of 3.5% in early February. “Another firm ISM services number on Friday will see higher yields across the curve,” said Jack McIntyre, portfolio manager at Brandywine Global Investment Management. Shorter-maturity yields, more sensitive to the eight increases in the Fed’s policy rate over the past year, have exceeded the 4% threshold for varying amounts of time. Priya Misra, global head of rates strategy at TD Securities, said she would “enter some more longs at 4%” in 10- and 30-year Treasuries, noting TD began recommending that trade when yields rose to 3.8%. (Adds reaction to labor costs data, Fed policy expectations.)