The 10-Year Treasury Note

This historical graph presents the change in the 10-year Treasury yield across subsequent 8-week periods. The 2003 rise in the interest rate yield on 10-Year Treasuries (and the corresponding decline in bond prices) was dramatic (the reason this analysis was originally published). 30% moves up or down were unprecedented before 2003. The percentage change is much larger than the absolute change. The charts reflect the period of unusually low volatility in the financial markets during the mid-2000s, followed by high volatility with the return of ZIRP and QE after 2009. As ZIRP ended, 30% moves also moderated. There have been over 90 periods with 30% moves.