US Treasury yields fell on October 30, 2026, with the benchmark 10-year yield down 36 basis points for the month and on course for its largest monthly decline since December 2023.

Treasury yields decline across maturities

The 10-year yield was last down 6.4 basis points on the day at 4.925%, after earlier touching its lowest level since mid-September. It also recorded a fourth consecutive week of declines, its longest such stretch in a year.

The 30-year yield fell 1.9 basis points to 5.31% and was also set for its largest monthly drop since December 2023. The two-year yield declined 8.1 basis points to 4.575%, putting it on course for its biggest monthly fall since August 2025.

Bond prices generally move in the opposite direction to yields, so a decline in yields corresponds to higher prices for existing fixed-rate bonds.

Inflation and Fed policy remain in focus

The Federal Reserve raised rates in September for the first time in three years as it sought to contain inflation. On October 30, Dallas Fed President Lorie Logan said the central bank needed at least two more rate increases to bring inflation under control.

JoAnne Bianco, a partner and senior investment strategist at BondBloxx Investment Management, said the Fed remained prepared to tighten further if necessary and that a December increase was possible. The September PCE price index rose 0.5% from the previous month, in line with expectations.

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