Adam Kobeissi(@TKL_Adam):The 10Y Note yield is now up nearly +30 basis points in 2 days. Prior to the last 48 hours, the last time we saw a move of this magnitude was during “Liberation Day” in April 2025. Prior to that, we had not seen a move like this since 2022. What the bond market is doing right now is remarkable.

2026.09.25 00:20

The 10Y Note yield is now up nearly +30 basis points in 2 days. Prior to the last 48 hours, the last time we saw a move of this magnitude was during “Liberation Day” in April 2025. Prior to that, we had not seen a move like this since 2022. What the bond market is doing right now is remarkable.

The Kobeissi Letter@KobeissiLetter

2026.09.24 23:54

It's official. As the bond market "meltdown" accelerates, the average interest rate on a 30Y mortgage in the US is up to 7.45%. That's up +150 basis points in 6 months and the highest since 2023, when inflation was at 6.4%+. What is happening? Let us explain. (a thread)