23 October, 2026

US Treasury yields above 5%: market resilience, AI investment and key risks for portfolios

Will markets remain resilient with yields

Summary

Introduction

Ten-year Treasury yields moved above 5% on 15 September, just ahead of the Fed hike, and have stayed there, reaching 5.3% on 5 October. That is the highest level in almost 25 years. Yet equity markets have remained resilient, with the S&P 500 and the Nasdaq setting new highs. So, the key question is not just where yields go next, but what is driving them and how they will impact markets.

The cycle is still being supported by investment, but supply shocks are also biting. Energy remains the key near-term constraint, while AI is the bigger structural story. Energy determines how much tightening is needed. AI determines how much the economy can absorb. The Fed sits between the two.

The Fed reaffirmed its commitment to price stability at the latest FOMC meeting, but calibration is now the harder task.

Read the full article on the Amundi Research center

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US Treasury yields above 5%: market resilience, AI investment and key risks for portfolios

Summary

Introduction

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Read the full article on the Amundi Research center

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