Bonds crater, 10-year yield spikes briefly above 4.5% in confounding move that’s worrying Wall Street

The bond market — not a plunging stock market — is the talk of Wall Street with prices tumbling and yields spiking, unusual action during times when fears of a recession are growing where fixed income is typically considered a reliable safe haven.

The 10-year Treasury yield jumped 12 basis points to 4.386% and at one point overnight climbed above 4.5%. The yield has rebounded through where it was the day before President Donald Trump’s tariff plan was unveiled last Wednesday and is currently at the highest since February.

The 2-year Treasury yield rose 2 points to 3.76%. One basis point is equivalent to 0.01%. Yields and prices move in opposite directions.