--- title: "The 10-year Treasury yield closes at 5.11%, its highest since 2007" url: https://portfolio-terminal.com/blog/10-year-treasury-yield-5-11-percent-september-23-2026 author: "Julien Esnault" publisher: "Portfolio Terminal" published: 2026-09-24 type: market note tags: ["Market News", "Treasury Yields", "Interest Rates", "Bonds"] summary: "The 10-year Treasury yield closed at 5.11% on Sept. 23, 2026, up 0.15 points in a day and its highest close since July 2007. The 2-year rose to 4.85% and the 30-year to 5.40%. Why it jumped, and what it means for bonds, stocks and loans." --- > **Source:** Julien Esnault, "The 10-year Treasury yield closes at 5.11%, its highest since 2007", Portfolio Terminal, 2026-09-24. https://portfolio-terminal.com/blog/10-year-treasury-yield-5-11-percent-september-23-2026 > When you use a figure from this article, cite it with the line above and link to the URL. Figures are checked against the primary data named in the Sources line at the end. ## In short - The 10-year Treasury yield closed at 5.11% on Wednesday, September 23, 2026, up from 4.96% the day before, according to the US Treasury. It last closed that high on July 13, 2007. - Every maturity rose that day: the 2-year by 0.14 points to 4.85%, its highest since June 2024, the 5-year by 0.16 to 4.99%, and the 30-year by 0.11 to 5.40%. - The trigger was a hot business survey (a September manufacturing PMI of 57 against 53.6 expected), Brent crude back near $103, and Fed governor Michael Barr saying more rate hikes are needed. - Since September 1 the 10-year has risen from 4.79% to 5.11%. On September 23 the S&P 500 fell 0.75%, the Nasdaq 1.13%, and the long-bond fund TLT 1.58%. # The 10-year Treasury yield closes at 5.11%, its highest since 2007 **The 10-year Treasury yield closed at 5.11% on Wednesday, September 23, 2026**, up 0.15 points from 4.96% the day before, according to the US Treasury's daily yield curve. The last time it closed that high was **July 13, 2007**. A week ago, [the 10-year crossing 5% on the day of the Fed's hike](https://portfolio-terminal.com/blog/10-year-treasury-yield-5-percent-2026) was the story; it spent the next four sessions on either side of the line, then broke clearly through it. ## Closing yields, Wednesday, September 23, 2026 | Treasury | Close, Sept. 23 | Sept. 22 | One day | |---|---|---|---| | 3-month | 4.19% | 4.16% | +0.03 | | 2-year | 4.85% | 4.71% | +0.14 | | 5-year | 4.99% | 4.83% | +0.16 | | 10-year | **5.11%** | 4.96% | **+0.15** | | 20-year | 5.45% | 5.33% | +0.12 | | 30-year | 5.40% | 5.29% | +0.11 | Official closes from the US Treasury's daily par yield curve. The Cboe 10-year index (TNX), which many sites quote, closed at 5.114%. Every close since is on [our live 10-year yield page](https://portfolio-terminal.com/markets/10-year-treasury-yield). Three levels stand out. The 2-year, the maturity most tied to the Fed, reached its highest since June 2024. The 20-year closed at its highest since June 2004. And the 30-year's 5.40% is the highest since the Treasury brought the 30-year bond back in 2006, beating the 5.37% of September 10. ![Horizontal bar chart of the one-day change in US Treasury yields from September 22 to September 23, 2026: 5-year +16 basis points, 10-year +15, 2-year +14, 20-year +12, 30-year +11, 1-year +6 and 3-month +3](https://portfolio-terminal.com/blog-sources/treasury-yields-one-day-change-september-23-2026.png "One-day change in Treasury yields, Sept. 22 to 23, 2026, in basis points (0.01 point). Source: US Treasury.") --- ## Why yields jumped Three pieces of news landed on the same day, and all three pointed to higher rates for longer. - **Business activity ran hot.** S&P Global's flash manufacturing PMI for September came in at **57**, against 53.6 expected. Above 50 means expansion; 57 is strong, and strong demand keeps prices rising. - **Oil went back up.** Brent crude for November delivery closed at **$103.08** a barrel, up 3.9% on the day. Energy is what pushed inflation back up this year, and it is [why the Fed hiked a week earlier](https://portfolio-terminal.com/blog/fed-raises-rates-september-2026). - **A Fed governor said more hikes are needed.** Michael Barr signaled that further increases are needed to bring down sticky inflation. Traders raised the probability of another hike at the October meeting to about **70%**, according to CME FedWatch. The shape of the move tells the same story. The biggest rises were in the 2- to 10-year maturities, the part of the curve that prices the next few Fed decisions. That is a market repricing the Fed, not only worrying about the long run. ![Line chart of the 10-year Treasury yield at each close in September 2026: 4.79% on September 1, a jump to 4.95% on September 10, 5.01% on September 16, the day of the Fed hike, 4.94% the next day, then 4.96% on September 21 and 22 before a jump to 5.11% on September 23](https://portfolio-terminal.com/blog-sources/10-year-treasury-yield-september-2026-daily.png "10-year Treasury yield at each close, September 2026. Source: US Treasury daily par yield curve.") Since September 1, the 10-year has risen from **4.79% to 5.11%**, a third of a point in three weeks. --- ## What moved with it | Sept. 23, 2026 | Close | One day | |---|---|---| | S&P 500 | 7,706.03 | −0.75% | | Nasdaq Composite | 26,936.04 | −1.13% | | Dow Jones | 51,511.59 | −0.68% | | TLT (20+ year Treasury fund) | $80.46 | −1.58% | | Brent crude, November | $103.08 | +3.86% | Changes from the September 22 closes. Sources: Yahoo Finance. Stocks gave back part of [Monday and Tuesday's tech-led bounce](https://portfolio-terminal.com/blog/stock-market-week-in-review-september-22-2026), and the Nasdaq fell the most: companies valued on profits far in the future are worth less when a safe 10-year bond pays 5.11%. Session by session, the [S&P 500](https://portfolio-terminal.com/markets/sp-500) and [Nasdaq](https://portfolio-terminal.com/markets/nasdaq-composite) pages list every close. --- ## What it means for you **Bonds you already hold lose value.** A new 30-year Treasury loses about 13.4% of its price for a one-point rise in yields, so September 23's 0.11-point rise cost it about 1.6%, close to what [TLT](https://portfolio-terminal.com/analyse/tlt) lost that day. Short bonds barely move. [Long-term Treasuries at 5%](https://portfolio-terminal.com/blog/treasury-bonds-rising-yields-risk-hedge-2026) measures both sides of that trade and what protected investors in 2022; [BND vs TLT](https://portfolio-terminal.com/compare/bnd-vs-tlt) shows how much a mixed bond fund cushions it. **New money earns more.** A 2-year Treasury bought at 4.85% locks in that rate until 2028; T-bills pay just above 4%, more than the average tokenized Treasury fund ([what Ondo and BlackRock are building onchain](https://portfolio-terminal.com/blog/ondo-blackrock-onchain-portfolios-ondo-token-2026)). **Loans get dearer.** Mortgage rates and company borrowing costs follow the 10-year. The [first note on the 10-year at 5%](https://portfolio-terminal.com/blog/10-year-treasury-yield-5-percent-2026) explains how a move like this reaches mortgages and stock valuations. **If your portfolio mixes stocks and bonds,** remember that since 2022 they have tended to fall together when inflation is the worry, as they did on September 23. The free [crash test](https://portfolio-terminal.com/crash-test) replays past rate shocks, including 2022, on your own holdings. --- *This note is for information only. It is not investment advice. Yields are official daily closes from the US Treasury; index and fund prices are daily closes.* Sources: [US Treasury daily par yield curve rates](https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_yield_curve&field_tdr_date_value=2026) · [10-year Treasury yield (DGS10), FRED](https://fred.stlouisfed.org/series/DGS10) · [10-year yield hits highest level since 2007, Yahoo Finance](https://finance.yahoo.com/markets/article/10-year-treasury-yield-hits-highest-level-since-2007-as-market-prices-in-another-fed-rate-hike-152744538.html) · [10-year Treasury yield hits 5.1%, CNN](https://www.cnn.com/2026/09/23/investing/us-bond-market-fed) · [CME FedWatch](https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html) ## Questions and answers **What was the 10-year Treasury yield on September 23, 2026?** The 10-year Treasury yield closed at 5.11% on September 23, 2026, according to the US Treasury’s daily par yield curve, up from 4.96% on September 22. It was the highest close since July 13, 2007. The Cboe 10-year index (TNX) closed at 5.114%. **Why did Treasury yields jump on September 23, 2026?** Three things on the same day: the S&P Global flash manufacturing PMI for September came in at 57 against 53.6 expected, Brent crude rose back near $103 a barrel, and Fed governor Michael Barr said more rate hikes were needed to bring inflation down. Traders raised the odds of another hike in October to about 70%. **Is the 30-year Treasury yield at a record?** Not a record, but the highest in two decades. The 30-year yield closed at 5.40% on September 23, 2026, the highest since the Treasury brought back the 30-year bond in 2006; its previous high over that period was 5.37% on September 10, 2026. The 20-year closed at 5.45%, its highest since June 2004. **What does a 5.11% 10-year yield mean for my portfolio?** Bonds you already own lose value when yields rise: a new 30-year Treasury loses about 1.6% for a 0.11-point rise, and the long-bond fund TLT fell 1.58% on September 23. Stocks with high valuations tend to struggle too; the Nasdaq fell 1.13% that day. Mortgage and loan rates usually follow the 10-year. This is not investment advice.