Key facts
- BNY Mellon CEO Robin Vince said 10-year Treasury yields at around 5.25% are not unusual historically.
- The 10-year US Treasury yield's rise in the third quarter was the sharpest since 1994.
- BNY Mellon's profit rose 20% to $1.61 billion in the third quarter.
- Assets under custody and administration reached $63.4 trillion, up 10% year-on-year.
- Vince cited US economic strength and increased global debt as drivers of higher rates.
- A recent tech selloff has led investors to buy government debt, lowering yields.
The benchmark 10-year US Treasury yield's current levels are not unprecedented, according to BNY Mellon CEO Robin Vince. He told Reuters on Thursday, October 15, 2026, that while the recent rise has been rapid, it represents a normalization of the curve, with yields having been arguably low for a long time. The 10-year yield saw its sharpest rise since 1994 in the third quarter. Vince attributed higher rates to the strength of the US economy and increased global debt issuance, noting that more debt requires more buyers. BNY Mellon's profit applicable to common shareholders jumped 20% to $1.61 billion in the three months ended September 30, driven by interest income growth and stronger market levels. Assets under custody and administration rose 10% to $63.4 trillion year-on-year. A recent selloff in AI stocks has eased pressure on bond markets, with investors moving into safe-haven government debt, pushing yields down.