U.S. Treasury yields fell sharply on Thursday, with the benchmark 10-year yield dropping more than 13 basis points to 5.056% and the 30-year yield declining to 5.385%. Investors rotated out of high-flying technology stocks into bonds as part of a broader flight to safety. Wholesale prices surged 6.3% year-over-year in September, the biggest gain since 2022, beating economist forecasts of 5.5%. Consumer inflation came in at 3.7% annually and 0.6% monthly, slightly above consensus estimates of 3.6% and 0.6% respectively. Fears of higher inflation and interest rates, as well as their potential impact on the AI spending boom, drove the selloff in technology shares.
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