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Treasury Yields Vary

Published January 23, 2026

U.S. Treasury yields fell midweek as new economic data revealed inflation moving further away from the Federal Reserve’s target rate. Yields remained relatively unchanged toward the end of the week as the latest employment data showed the labor market holding steady.

Last Thursday, the Commerce Department announced that the personal consumption expenditure (PCE) index, which measures the cost of goods and services purchased by U.S. households, rose 2.8% on both a headline and core basis for November. This was in line with analysts’ expectations but remains elevated from the Fed’s 2% target rate.

“The consumer continues to drive the U.S economy, with today’s data pointing to another strong gain in spending,” said senior economist for investment strategy at Edward Jones, James McCann. “This resilience comes in spite of last year’s slowdown in the labor market, and still elevated inflation, both of which have weighed on real incomes. Today’s data should reassure the Fed that the economy remains on a solid footing, despite a cooler labor market.”

The benchmark 10-year Treasury note yield opened the week of January 20 at 4.23% and continued to trade as low as 4.23% on Wednesday. The 30-year Treasury bond opened the week at 4.84% and traded as low as 4.83% on Wednesday.

On Thursday, the U.S. Department of Labor reported that initial claims for unemployment increased by 1,000 to 200,000 for the week ending January 17. This was less than the 207,000 claims that economists estimated. Continuing unemployment claims decreased by 26,000, reaching 1.85 million.

"The United States is experiencing a jobless boom where strong growth is powered by AI investments and consumption by wealthier families, but there is almost no hiring," said chief economist at Navy Federal Credit Union, Heather Long. "It is an uneasy situation for many middle-class families. One of the big questions for 2026 is whether the middle class will start to feel the uplift from the boom."

The 10-year Treasury note yield finished the week of 1/20 at 4.23%, while the 30-year Treasury note yield finished the week at 4.83%.