10-Year Treasury Yield Climbs Back Above 5% After Fed Decision
As seen on the 24/7 Wall St. homepage on October 29, 2026.
The long end is back above 5% the day after the Fed's decision, a reminder that cuts at the front end are not pulling borrowing costs down. Mortgages, long-duration bond funds, and high-multiple equities all reprice off this number.
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The 10-year Treasury yield rose 6 basis points to 5.05% the day after the Federal Reserve's latest decision, crossing back above the 5% level and signaling that whatever the Fed did at the short end of the curve, long-term borrowing costs are moving to their own beat.
The yield has pushed from near 4.36% back above 5%, and the direction of travel is not ambiguous.
For mortgage borrowers, this matters directly. Mortgage rates are priced off long-term Treasuries rather than the federal funds rate, so a Fed cut that leaves the 10-year at 5.05% provides little practical relief to anyone buying a home or refinancing.
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Long-duration bond funds face the mirror-image problem: as yields rise, existing bond prices fall, and longer-maturity holdings absorb the largest losses. Investors who positioned for broad rate relief are watching that trade get squeezed from the long end.
High-multiple equities reprice off this number too. When the risk-free rate sits above 5%, the discount rate applied to future earnings rises, which mechanically compresses the present value of growth companies whose profits are weighted toward the out years.