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Bond Market News
US Treasury yields rose by 12-17bp across the curve
September 24, 2026
US Treasury yields rose by 12-17bp across the curve with 10Y yields reaching their highest levels since 2007. On the data front, the S&P Global US Composite PMI rose to 58.4 in September, above expectations of 55.3 and August’s 56.0 print, marking its highest level since July 2021. Separately, the US Treasury’s 5Y auction priced at 5.033%, with a bid-to-cover ratio of 2.21x.
Brent crude rose from the previous session to around $102/bbl amid continued uncertainty over US-Iran negotiations. Separately, the US Treasury is set to purchase up to $6bn of longer-dated debt under Treasury Secretary Scott Bessent’s expanded buyback program. The dollar strengthened after US business activity expanded at its fastest pace in more than five years, reinforcing expectations for further Fed rate hikes. US mortgage rates also climbed to their highest level in more than two years, with the 30Y fixed rate rising to 7.12% in the week ending September 18. National Economic Council Director Kevin Hassett questioned the need for further tightening, citing an annualized core inflation rate of around 2%.
Looking at equity markets, the S&P and the Nasdaq closed lower by 0.8% and 1.1% respectively. US IG CDS spreads were 1.3bp widened, while HY CDS spreads widened by 8.4bp. European equity markets also ended lower. European IG CDS spreads were 0.8bp wider, and Crossover spreads widened by 4.4bp. Asian equity markets have broadly opened lower this morning. Asia ex-Japan CDS spreads tightened by 0.4bp.
Rating Changes
- Fitch Upgrades Mineral Resources to ‘BB’; Outlook Stable
- Moody’s Ratings upgrades Digital Realty’s issuer rating to Baa1; outlook stable
- Moody’s Ratings downgrades Campbell’s to Baa3/P-3, outlook negative
- Westlake Corp. ‘BBB’ Rating Affirmed On Higher Pricing From War Disruptions; Outlook Revised To Stable From Negative
- Fitch Withdraws New Fortress Energy’s Ratings
Term of the Day: Hostile Takeover
A hostile takeover is an M&A strategy used by the potential buyer to directly go to the target company’s shareholders by making a tender offer or through a proxy vote. This is in contrast to a friendly takeover wherein, the target company’s board approves of the takeover and recommend shareholders vote in favor of it. Target companies can use anti-takeover strategies like poison pills, golden parachutes etc.
Talking Heads
On Global Inflation to Linger and Fed to Hike Again – OECD
“Faced with renewed energy price shocks and stronger-than-expected demand pressures, and at a time when inflation is already above target in many economies, central banks need to ensure that underlying inflation pressures are durably contained,”
On Biggest Long-Bond ETF Hits Record Low as Traders Dump Treasuries – Todd Sohn, Baird Strategas
“In this massive regime change since 2020, investors have learned that just because it says ‘Treasuries’ on it doesn’t mean it’s low risk,… They need to understand that interest-rate duration is a real risk and this is a volatile vehicle.”
On Tumbling Global Government Bonds Put Yields on Brink of 4% – Amy Xie Patrick, Pendal Group
“Inflation is still high and sticky in a lot of places, labor markets are tight for various reason, and despite higher fuel and everything prices, economies are still growing well,… Given all of this, bonds are actually behaving rationally with respect to the economic fundamentals.”
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