A $39 billion 10-year note auction cleared at a 26-year high yield of 5.300% but drew robust demand, pulling yields lower. Fed minutes released afterward reinforced expectations of a rate hold this month, with officials focused on inflation risks from tariffs.
10-year yield settled at 5.276%, down from intraday high of 5.361%.
Two-year yield fell to 4.762% from 4.834%; 30-year fell to 5.660% from 5.699%.
Fed minutes: officials see tariff increases as upside risk to inflation; inflation is top priority; labor market steady.
Capital Economics: central banks unlikely to hike as much as markets price; energy prices may fall next year.
Oil: WTI +0.6% at $89.98, Brent +1.2% at $101.76; Tropical Storm Isaias may shut in ~11.2 million barrels of oil and 13.3 bcf of natural gas.
Gold: front-month gold -1.1% at $4,113.80, silver -2.1% at $59.899; pressured by dollar and yields ahead of Fed minutes.
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