Bonds

Donald Trump's presidential victory, stubbornly elevated inflation and a steady drumbeat of strong economic data have pushed 10-year Treasury yields up sharply since mid-September.

Yields on 30-year bonds rose as much as 6 basis points to 4.68%, a level last seen at the end of May.

The benchmark 10-year Treasury yield topped 4.5% for the first time since May after the release of retail sales data including hefty upward revisions.

China raised $2 billion from three- and five-year securities at one and three basis points over Treasuries, respectively, according to a person familiar with the matter.

Trump has promised levies on US imports that would upend global trade, tax cuts that would further stretch the federal budget and deportations that could shrink the pool of cheap labor.

Yields on both 10-year and 2-year Treasurys moved significantly higher after the Trump election victory and that's bad news for mortgage rates going forward.

A measure of daily yield swings is at its highest in a year as traders position for further losses that could send 10-year yields as high as 4.5% over the next three weeks.

Since the first SLL was arranged roughly seven years ago, the market for such loans has grown to almost $1.8 trillion.

Buybacks of Treasuries that are infrequently traded relative to its newest, or "on the run," notes and bonds, are intended to support market resilience by creating opportunities for dealers to offload them.

Traders are pricing in roughly 20% odds that the Fed holds rates steady in either November or December.