Treasury Rates Update: September 3rd, 2026
- Bill Knudson
- 17 hours ago
- 1 min read
In my years analyzing fixed-income markets, aggressive upward repricing ahead of employment data usually signals a market steeling itself for macroeconomic surprises. The Treasury market spent this past week pushing yields higher across the entire curve, with the heaviest selling concentrated in intermediate maturities. Investors are actively adjusting positions as policy expectations harden ahead of crucial autumn updates.
The benchmark 10-year Treasury rate jumped 10 basis points (bp) this week to land at 4.77%, bringing its cumulative 14-day increase to 8bp.
Upcoming Key Economic Data Release:
Next jobs release is September 4
Next CPI release is September 11
The next Fed meeting is on September 16
Key Developments
Intermediate Spike: Yields on 2-year and 5-year Treasuries surged by 14bp, rising to 4.34% and 4.52%, respectively.
Yield Curve Flattening: Because 2-year yields outpaced gains on the 10-year, the 10-to-2-year spread narrowed to 0.43%, down from 0.47% last week.
Broad-Based Advances: The 1-year rate climbed 7bp to 4.11%, the 30-year yield rose 6bp to 5.25%, and the 1-month rate ticked up 2bp to 3.83%.
With yields elevating across the board, market attention shifts directly to the September 4th employment report and the September 11th CPI release. Both will serve as final directional anchors before the Federal Reserve convenes on September 16th.
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