2026-09-23 · Five-Year Yield Breaks Five Percent

Leeking Alpha · Sep 23, 2026 · 5m

The five-year Treasury yield cleared five percent for the first time since 2007 and stocks finally stepped lower, a discount-rate shock rather than a growth scare, with money rotating toward the winners from higher rates.

The Signal

All three major indexes fell by a similar amount, the Nasdaq 100 slightly more, after the five-year Treasury yield closed above five percent for the first time since 2007 and longer yields hit their highest in almost two decades. Rebounding oil, stronger-than-expected manufacturing and services data, and a weak five-year note auction drove the move, a week after…