US 10-Year Yield Pulls Back From 5.35% Peak Following Strong Treasury Auction

U.S. Treasury yields eased from session peaks following robust demand at a $39 billion 10-year note auction, though major equity benchmarks faced selling pressure as the S&P 500 slipped 0.28%. The 10-year yield touched a 24-year high of 5.35% before retreating to 5.290% after the offering cleared at a high yield of 5.300%, stopping through by 1.7 basis points. Strong institutional appetite was led by indirect bidders taking 80.34%, while September FOMC minutes highlighted corporate AI-related debt issuance alongside tight monetary policy as contributing to higher long-term yields.