Treasury Yields Vary

Published November 28, 2025

U.S. Treasury yields dipped early in the week as investors reacted to the release of monthly producer prices which indicated a potential cooling of inflation. Yields rose on Wednesday as jobless claims reached a seven-month low with fewer Americans filing for unemployment benefits.

On Tuesday, the Bureau of Labor Statistics released September’s producer price index (PPI), which measures the average change over time in the selling prices of goods. The September PPI grew 0.3%, in line with economists’ estimates. Year-over-year, the increase in wholesale prices reached 2.7%, still pushing above the Federal Reserve’s 2% target.

Tuesday’s PPI report “helps to justify the argument for another Federal Reserve rate cut in December, since it is clear that inflation is under control, giving the Fed the opportunity to focus more on the labor market, which has been cooling in recent months,” said president and CIO at Bellwether Wealth, Clark Bellin. “While this data is old and from September, it is the only inflation data the Fed has to base its current decisions off of.”

The benchmark 10-year Treasury note yield opened the week of November 24 at 4.07% and traded as low as 3.99% on Tuesday. The 30-year Treasury bond opened the week at 4.71% and traded as low as 4.64% on Tuesday.

On Wednesday, the U.S. Department of Labor reported that initial claims for unemployment dropped by 6,000 to 216,000 for the week ending November 22. This was below economists’ estimates of 230,000. Continuing unemployment claims increased by 7,000 to 1.96 million.

"No one can construe any story about a surge in layoffs from this report," said chief economist at High Frequency Economics, Carl Weinberg. "The message to the Fed from this data point is that there is no reason to rush to cut rates in December."

The 10-year Treasury note yield finished the holiday week of 11/24 at 4.00%, while the 30-year Treasury note yield finished the week at 4.64%.