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- The 30-year Treasury yield surged to a peak of over 4.80% on Thursday.
- The move higher in yields comes after the recent auction was met with considerably weak demand.
- Dealers picked up over 24% of the issued asset, well above the average 11%.
The 30-year Treasury yield rose steeply on Thursday, spiking by as much as 15 basis points and rising back towards recent highs after steadily retreating in recent weeks.
Though the rate settled at slightly lower levels, it peaked at over 4.80% in Thursday's session. The surge was accompanied by a similar upside in the 10-year Treasury note, which jumped as much as 11 basis points. Yields were also pushed up during the session by hawkish comments from Federal Reserve Chair Jerome Powell, who said on a panel that the central bank was not convinced it had done enough to combat high inflation.