10-year Treasury yield Hits 19-Year High as Strong Data, Hawkish Fed Fuel Rate-Hike Bets

The 10-year yield surged 12 bps to 5.09% after a strong S&P Global PMI showed fastest expansion since 2021 and employment at four-year high. Fed Governor Barr said further rate hikes likely. Market odds for an October hike rose to 71%. Oil above $100 added inflation pressure. Treasury kept buyback cap at $6B, signaling no intervention.