August PPI and CPI were still unpublished at the September 9 New York close. The BLS calendar scheduled them for September 10 and September 11, respectively. The bond market had already recorded its prices ahead of the releases.
The two-year Treasury yield rose from 4.34% on September 3 to 4.43% on September 9, an increase of 9 basis points. The ten-year rose 6 basis points, from 4.77% to 4.83%. Their spread narrowed from 43 to 40 basis points. The change was too small to call a curve turning point, but nearer-term discount conditions had not eased. Issuance, liquidity and positioning can also affect yields; this sequence does not disclose the next policy decision.
Long-duration Treasury ETF TLT fell about 0.6% that day, while SPY lost roughly 0.5%. TLT holds long-dated Treasuries. It provided no price cushion for stocks in this session.
Historical backfill: compiled October 4, 2026, with observations limited to the date discussed and US prices through the September 9 New York close. Sources: FRED DGS2 and DGS10, September 3 and 9 observations; Yahoo Finance historical prices for TLT and SPY, September 8–9; BLS release calendar. Basis-point changes and spreads are calculated from those yields. Observation dates do not establish intraday availability, and FRED records are not treated as real-time signals. Policy interpretations are research judgments. This article presents personal research and opinion for informational purposes only and does not constitute investment advice.