The US Treasury Market’s Inertia Is Nearing Historic Levels

The 10-year Treasury note’s yield is headed for a fifth straight week of minimal change, rivaling its longest stretch of inertia in the past two decades.

Since 2006, the median weekly range for 10-year yields has been 16 basis points. For the past five weeks, it’s been less than 10 basis points, the longest comparable stretch since 2020.

The trend — a function primarily of expected stability in US monetary policy — is stoking anxiety among bond-market investors because previous instances of constricted yield ranges have been followed by selloffs.

The 10-year note’s yield range of ...