The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) carved out a record low Monday, changing hands around $80.63, down 0.3%.
The largest and most actively traded long-dated Treasury fund has never been here.
On a price basis, TLT has now surrendered more than 55% of its value from the 2020 peak above $170.
The move tracks a violent repricing at the long end.
The 10-year Treasury yield topped 5.01%, its highest intraday level since 2023 and highest close since 2007, while the 30-year reached 5.38%, approaching levels last seen in 2004.
The 2-year climbed to 4.68%, a mid-2024 high.
A renewed surge in oil prices is the proximate cause, strenghtening the case for tightening. Traders now assign roughly 90% odds to a 25-basis-point Federal Reserve hike Wednesday, its first since 2023.
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