TLT hits record low near $80.63 as long-end yields jump
iShares 20+ Year Treasury Bond ETF (TLT) traded around $80.63, down 0.3%, after reaching an all-time low as long-dated Treasury yields rose (10-year topped 5.01% and 30-year reached 5.38%).
3%. The long-dated Treasury fund has never traded at this level and is now off more than 55% from its 2020 peak above $170. The move came alongside a sharp repricing at the long end of the curve. 38%, nearing levels last seen in 2004.
68%, a mid-2024 high. A renewed surge in oil prices was cited as the immediate driver, strengthening the case for tighter policy. Traders are now pricing roughly 90% odds of a 25-basis-point Federal Reserve hike Wednesday, which would be its first since 2023.