Historical backfill: prepared on October 4, 2026; observations stop at the article date, using the US close and same-day yield observations.
On August 25, the two-year Treasury yield fell from 4.24% to 4.17% and the ten-year from 4.70% to 4.64%. The ten-year real yield also declined, from 2.38% to 2.32%. The move was not confined to the far end or entirely to inflation compensation.
The September policy meeting was still ahead. TLT holds long-maturity Treasuries; its gain does not establish a Federal Reserve cut. Weaker growth, term premiums or technical demand may also affect bond prices. Without a complete credit-spread and earnings-expectations panel, the advance has not distinguished easier policy expectations from growth pressure or confirmed a soft landing.
Long-duration Treasury ETF TLT rose about 1.1%, SPY 0.3%, QQQ 0.6%, the semiconductor ETF SMH 1.6% and gold ETF GLD roughly 0.3%. Lower real yields fit the direction of the technology rebound. Every asset listed here closed higher that day.
Sources: Yahoo Finance TLT · Yahoo Finance SPY · Yahoo Finance QQQ · Yahoo Finance SMH · Yahoo Finance GLD · FRED DGS2 · FRED DGS10 · FRED DFII10 · Federal Reserve · FOMC calendar. Price changes compare consecutive Yahoo historical closes, which may include provider adjustments and are not treated as investors’ total returns. Yields are observations for the stated day. FRED yields use the historical series available at preparation, not an archived real-time release snapshot. Price facts are separated from interpretation; causal explanations have not been established. Past performance does not indicate future results. Personal research and opinion for information only, not investment advice.