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Yield Update
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MarketsAnalysisPast Article

A Higher Yield Is Not a Verdict

The ten-year par yield finished the session at 4.58 percent. The number does not say why.

By Marcus Ell, Markets Columnist

New York1 min read

a tall building with columns and statues on the side of it
a tall building with columns and statues on the side of itPhoto by Francesco Ungaro on Unsplash

On January 31, 2025, the ten-year Treasury par yield was 4.58 percent. The prior published session was 4.52 percent. The difference is 6 basis points. The figures are from the Treasury par curve, as published by the St. Louis Fed.

The two-year was 4.22 percent. People will tell you the pair means the market has decided something about the next meeting. The pair means the two-year note and the ten-year note cleared at those yields. A decision by the committee, if there is one, will be a document with a vote.

A yield story that borrows a stock-market adjective is how a small fact becomes a large mood.

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