2-year Treasury yield leaps, 10-year Treasury retakes 5% after hot economic readings

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Sept. 15, 2026. Jeenah Moon | ReutersTreasury yields traded higher on Wednesday as new services and manufacturing sector data increased worry of further Federal Reserve rate hikes.The 2-year Treasury note yield jumped 8 basis points to 4.464%. The benchmark 10-year Treasury note yield popped 7% to move back above the key 5% level. The 30-year Treasury yield gained more than 4 basis point to 5.347%.One basis point is equal to 0.01%, and yields and prices move in opposite directions.The S&P Global services PMI jumped to 58.7 in September, its highest level in nearly five years, from 56.5 in August. Its manufacturing counterpart also raced to 56.7, a level not seen in more than four years. "US business continues to boom," S&P Global Market Intelligence chief business economist Chris Williamson said in a statement. "To put the growth surge in context, barring the spike in demand following the opening up of the economy after the COVID-19 lockdowns, the latest improvement in business activity is the greatest recorded since early 2015. Business is clearly booming now in both manufacturing and s...