FOX Business host Larry Kudlow says recent increases in 10-year and 30-year Treasury yields reflect economic expansion in manufacturing and technology rather than inflation concerns.

The US Treasury sold 3-year notes below inflation. This negative real yield is a hidden subsidy for the government and a warning for bond investors.

YouTube video by Bloomberg Television

YouTube video by Bloomberg Television

XAUUSD / US 10-Year TIPS real yield XAUUSD = the price of Gold DFII10 = the US 10-Year TIPS real yield (inflation-adjusted yield) Gold and real yields usually have an inverse relationship: Real Yields Gold Rising Bearish for Gold Falling Bullish for Gold Because Gold: pays no interest, so when real yields rise, investors prefer bonds, but when real yields fall, Gold becomes more attractive. So this spread helps you identify: whether Gold is overperforming or underperforming versus the bond market. How to interpret the ratio : Rising XAUUSD / DFII10 ratio Means: Gold is outperforming real yields bullish macro sentiment for Gold often linked to: ETF inflows, central bank buying, geopolitical stress, weaker USD, falling real yields. Falling XAUUSD / DFII10 ratio Means: real yields are dominating, Gold is losing relative strength, often linked to: hawkish Fed, rising Treasury yields, stronger USD, tighter financial conditions. Gold had a very strong premium phase, then the ratio corrected sharply, and is now testing a major long-term support zone around 2050–2060. That means: Gold has recently underperformed relative to elevated real yields, but still remains structurally strong historically. So the market is now asking: will real yields continue rising? or will Gold begin outperforming again as yields peak? Traders use it to: detect Gold accumulation/distribution, identify macro turning points, confirm DXY/yield signals, compare Gold strength versus monetary conditions, and spot divergences before major moves. Example: If real yields fall BUT Gold does not rally, → bearish warning. If real yields rise BUT Gold refuses to collapse, → bullish relative-strength signal. That second scenario is actually close to what our chart is beginning to show now.

Bloomberg Real Yield (Apr 10, 2026) featured 4 guests; US 10Y near 4.2% and IG spreads ~110bps, underscoring tighter credit conditions and heavier issuance.