Market Quick Take - Yields hit 24-year highs after hawkish Fed minutes - 08 October 2026

Key arguments

• September FOMC minutes showed unanimous 25bp hike but a meaningful split over whether supply/energy shocks or demand-driven inflation was the bigger concern; most saw a further hike before year-end as likely, with little urgency around October.
• US 10-year Treasury yield spiked intraday above 5.36%, a 24-year high, then closed near unchanged at 5.28%; the 2-year yield dipped toward 4.77%, its lowest in over two weeks.
• European equities sold off sharply, led by banks down 3.38%, with Societe Generale and Deutsche Bank each falling more than 5%, as French sovereign debt concerns rebounded and the France-Germany 10-year spread widened 12bp to 140bp.
• Oil and copper remain supported by supply risks and returning Chinese demand, while gold rebounded after testing support at $4,100, highlighting a battle between macro sellers and fiscal-hedge buyers.

Corresponding source evidence

1. US short-dated treasury yields ended the day lower.
2. • Asia: Thursday's session is broadly lower at the 06:05 CET snapshot, elevated oil prices and renewed technology weakness cited as the weight.
3. The Nikkei 225 is 1.12% lower at 69,252.08 and the Hang Seng 0.69% lower at 23,963.32, with its technology sub-index down 1.93%.