Investors are turning back to Treasurys even after another bond sell-off on Friday, as the 10-year note hovered near 5% amid surging oil prices and inflation expectations well above the Fed's 2% goal. Bank of America's Michael Hartnett said adding bonds would be a 'secular contrarian' trade, citing $5.4 billion in Treasury inflows over the past week within $12.1 billion overall into bonds, and $1.14 billion into the $47.3 billion iShares 20+ Year Treasury Bond ETF over the past month. The 10-year yield fell 19 basis points (0.19 percentage point) on Thursday, which DataTrek's Nicholas Colas called a 3 standard deviation move. Colas said the market sees slowing AI-related debt issuance, which would leave Treasurys facing less competition for capital. He added that stocks and bonds have recently moved in the same direction, though he expects their usual negative correlation to return.
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Related tickers and likely impact
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/22/2026 | 764.02 |
| Change that session | -1.17% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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