A historic Treasury rout is underway. Investors are buying it at record size

Long-term Treasury yields climbed to their highest since 2002 in early October, and investors are taking record shares of the government’s new debt at auction. The selling is coming from investors protecting other bets, not from buyers walking away. The 10-year yield reached 5.31% on October 5 and the 30-year 5.67% on October 7.