U.S. 10-YEAR SUFFERS WORST QUARTER SINCE 1994

The 10-year Treasury yield ended Q3 at 5.29%, surging 87 basis points — its largest quarterly increase in more than three decades.

The move has been driven largely by real yields approaching 3%, as markets dramatically repriced the Fed outlook.

Long-duration bonds were hammered, with the TLT ETF falling 10% in Q3 and closing at a record low.