TREE NEWS reports: The US 5-year Treasury yield broke above 5% for the first time since 2007 and the 10-year climbed past 5.1% after September flash composite PMI came in far above expectations at a five-year high, deepening a bond selloff. A weak 5-year note auction added to the pressure, and the Nasdaq ended a four-day winning streak as the dollar rose and gold and silver fell sharply.
US 5-Year Treasury Yield Tops 5% for First Time Since 2007 as PMI Surprise Fuels Rate-Hike Bets
AI take
The move matters less as a milestone than as a signal that the front end is repricing around renewed hike risk rather than cuts, with the weak 5-year auction suggesting buyers are demanding more compensation to absorb duration. That transmission runs straight into rate-sensitive equities, as the Nasdaq's broken winning streak shows, and into metals, which fell sharply as the dollar firmed. Whether the auction weakness proves a one-off or a deeper demand problem at the front end is the open question, and it is the piece most likely to shape the next leg.
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