Markets · September 23, 2026 · 1 min read

10-year Treasury yield closes at 5.11%, highest since 2007

Published September 23, 2026

Reviewed by Econ Data Tools editorial QC

The 10-year yield closed at its highest level since July 2007 after a weak five-year auction, as Fed Governor Barr said more policy adjustments are likely needed.

The 10-year Treasury yield closed at 5.11% on Wednesday, Sept. 23, up about 14 basis points from Tuesday's close. It peaked above 5.13% during the day. That is the highest close for the 10-year since July 2007. A weak five-year note auction added to the selling. The Treasury sold $70 billion of five-year notes at a high yield of 5.033%, the highest since a June 2006 auction. The bid-to-cover ratio was 2.21, below the previous six-month average of 2.33, and the sale cleared above the 5.002% when-issued yield, a sign of soft demand. Fed Governor Michael Barr also spoke Wednesday at a housing affordability summit hosted by the Federal Reserve Bank of Chicago. He said inflation is above the Fed's 2% target and "not clearly trending toward target in a timely way." He supported last week's increase in the policy rate and added: "In my base case, further policy adjustments are likely to be needed to ensure inflation comes down to target in a timely fashion." The 10-year yield matters for households because it feeds into mortgage rates and other long-term borrowing costs.

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