10-year Treasury yield climbs to highest level since 2002 as global bond sell-off deepens

The 10-year touched 5.34% before easing, according to Bloomberg Law, CNN and NBC News. The 30-year yield also reached a 24-year high, and government bond yields rose in Japan, Germany, France, Italy and the U.K.

Confirmed By Sam Okonkwo · Staff Writer — Business United States / Global Published Oct 1, 2026, 9:30 AM PT Updated Oct 1, 2026, 9:30 AM PT

The yield on the 10-year U.S. Treasury note rose Thursday to its highest level since 2002 as a global sell-off in government bonds continued. CNBC (opens in new tab) reported that the yield breached a level last seen in April 2002, and Bloomberg Law (opens in new tab), CNN and NBC News (opens in new tab) put the day’s high at 5.34%. CNBC (opens in new tab) later reported that the yield had eased to 5.251%, and Bloomberg Law (opens in new tab) said it was around 5.27% by late morning in New York.

Longer-dated debt also sold off. The 30-year Treasury yield hit its highest level in 24 years, CNBC (opens in new tab) reported, before pulling back to 5.61%. NBC News (opens in new tab) said it rose as high as 5.69%. Yields move in the opposite direction to prices.

Accounts of the day’s manufacturing data emphasized different parts of the report. CNBC (opens in new tab) reported that the ISM manufacturing survey showed the sector still expanding in September, with its prices index jumping 6.8 points to 77.9 and backlogs up 4.6 points to 56.4. Bloomberg Law (opens in new tab) reported that pressure on Treasuries eased after the report showed manufacturing expanding at a slower pace.

The move was global. CNBC (opens in new tab) reported that Japan’s 10-year yield reached 3.126%, its highest since the mid-1990s. Germany’s 10-year bund yield topped 3.6%, the highest since 2008, before easing to 3.58%. France’s yield reached 4.925%, Italy’s 4.706% and the U.K.’s 5.483%. CNN reported that the U.K. 30-year gilt yield hit 6% for the first time since 1998. CNBC (opens in new tab) said Brent crude was back above $100 a barrel.

CNBC (opens in new tab) tied the sell-off to investor worries about large government deficits, inflation running above central bank targets and the prospect of higher interest rates. It cited the Institute of International Finance, which said last week that major economies face “persistently large deficits and rising interest expenses — challenges long associated with debt-distressed emerging market sovereigns.” CNN reported that bond investors expect the Federal Reserve to raise rates at its meeting later this month, while NBC News (opens in new tab) said market odds showed about a 60% chance of a hike at the Fed’s early December meeting. “There is carnage in the bond market,” Neil Wilson, a strategist at Saxo, told CNN.

The 10-year yield is a benchmark for mortgages, auto loans and other consumer borrowing, CNBC (opens in new tab) noted. According to CNN, the average 30-year mortgage rate topped 7% last week. NBC News (opens in new tab) reported that the average 30-year fixed mortgage rate rose to 7.6% late Wednesday, its highest since late 2023. Fox Business (opens in new tab) covered the climb in a segment with Citigroup’s Leon Kalvaria.

Bias check

Low No clear tilt

Yield levels differ slightly between outlets depending on the time of measurement, and each figure is attributed. Explanations for the sell-off are presented as each outlet’s or analyst’s view.

Bloomberg Law, CNN and NBC News each put the 10-year’s high at 5.34%. CNBC described the level as the highest since April 2002 without giving a peak figure.

Bloomberg Law and CNBC emphasized different parts of the same manufacturing report.

The Fox Business item is a video segment and is cited only for the fact that it covered the move.

CNN’s and NBC News’ mortgage-rate figures come from different measures and dates, so each is attributed.