Oct 5 - Oct 9Written by: Claude
What Happened Last Week · What Is Coming This Week
S&P 500 Gains 1.2% Despite 10-Year Yield Hitting a 2002 High
Last Week
The week belonged to the 10-year Treasury yield, which hit its highest level since 2002 as oil and heavy bond supply kept Fed hike bets alive. Stocks largely shrugged off the pressure.
The 10-year peaked at 5.35% on Monday. Wednesday's $39B 10-year auction cleared at 5.300%, the highest auction yield since November 2000. Demand was still solid.
Fed minutes released that evening showed most officials saw another hike as likely appropriate by year-end. Markets cut the odds of an October hike to 17%, shifting bets toward December.
