Morning Note · Markets No. 05 · Oct. 23, 2026 · Read the issue

The record for this issue

Ten-year back under 5%.

84 claims in the draft, each tested by a second agent against the page it cites. 82 held; 2 did not and were fixed or cut before this went out.

82 confirmed 0 wrong, fixed or cut 2 unsupported, fixed or cut
  1. 01
    title

    Ten-year back under 5%

    The page says “10/22/2026 10 Yr 4.96”

    U.S. Treasury, at the passage · whole page

    confirmed
  2. 02
    dek

    AI-stock selloff Thursday sent money into Treasuries

    The page says “as equities sold off after concerns about the sustainability of the AI outlook reignited ... boosting the safe-haven appeal of government debt”

    Reuters via Finwire, at the passage · whole page

    confirmed
  3. 03
    dek

    10-year closed at 4.96%, down 17 bp

    The page says “10/21/2026 row: 3 Mo 4.25, 2 Yr 4.81, 5 Yr 4.95, 10 Yr 5.13, 30 Yr 5.42; 10/22/2026 row: 3 Mo 4.22, 2 Yr 4.65, 3 Yr 4.72, 5 Yr 4.78, 7 Yr 4.86, 10 Yr 4.96, 30 Yr 5.29”

    U.S. Treasury, at the passage · whole page

    confirmed
  4. 04
    dek

    on pace for biggest one-day drop since March 2023 by Reuters' count

    The page says “biggest daily drop since March 10, 2023”

    Reuters via Finwire, at the passage · whole page

    confirmed
  5. 05
    dek

    Brent rose about 4% on attacks in Saudi Arabia

    The page says “Brent for December settlement climbed 4% to settle at $113.17 a barrel ... A drone strike on Saudi Aramco's Shaybah field killed two people”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  6. 06
    summary

    10-year closed Thursday at 4.96%, down 17 bp

    The page says “10/22/2026 row: 3 Mo 4.22, 2 Yr 4.65, 3 Yr 4.72, 5 Yr 4.78, 7 Yr 4.86, 10 Yr 4.96, 30 Yr 5.29 vs 10 Yr 5.13 on 10/21”

    U.S. Treasury, at the passage · whole page

    confirmed
  7. 07
    summary

    AI stocks sold off after Meta's results

    The page says “equities sold off after concerns about the sustainability of the AI outlook reignited ... The Nasdaq slumped more than 2% as Meta shares lost nearly 8%”

    Reuters via Finwire, at the passage · whole page

    confirmed
  8. 08
    summary

    Brent settled at $113.17

    The page says “settle at $113.17 a barrel”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  9. 09
    summary

    Fed meets Oct. 27-28

    The page says “October: 27-28”

    Federal Reserve (FOMC calendar)

    confirmed
  10. 10
    The story

    10-year closed Thursday 4.96% from 5.13% Wednesday

    The page says “10/21/2026 row: 3 Mo 4.25, 2 Yr 4.81, 5 Yr 4.95, 10 Yr 5.13, 30 Yr 5.42; 10/22/2026 row: 3 Mo 4.22, 2 Yr 4.65, 3 Yr 4.72, 5 Yr 4.78, 7 Yr 4.86, 10 Yr 4.96, 30 Yr 5.29”

    U.S. Treasury, at the passage · whole page

    confirmed
  11. 11
    The story

    Treasury par curve quotes at 3:30 p.m.

    The page says “obtained by the Federal Reserve Bank of New York at or near 3:30 PM each trading day”

    U.S. Treasury, at the passage · whole page

    confirmed
  12. 12
    The story

    2-year fell to 4.65% from 4.81%

    The page says “2 Yr 4.81 (10/21) -> 4.65 (10/22)”

    U.S. Treasury, at the passage · whole page

    confirmed
  13. 13
    The story

    30-year fell to 5.29% from 5.42%

    The page says “30 Yr 5.42 (10/21) -> 5.29 (10/22)”

    U.S. Treasury, at the passage · whole page

    confirmed
  14. 14
    The story

    Reuters: 10-year on track for largest one-day decline since March 10, 2023

    The page says “biggest daily drop since March 10, 2023”

    Reuters via Finwire, at the passage · whole page

    confirmed
  15. 15
    The story

    10-year closed at 5.31% on Oct. 5, high of the month on Treasury curve

    The page says “10/05/2026 10 Yr 5.31; no October row through 10/22 is higher (next highest 5.28 on 10/02 and 10/07)”

    U.S. Treasury, at the passage · whole page

    confirmed
  16. 16
    The story

    Reuters: yield rose to 5.3645% on Oct. 7, highest since April 2002

    The page says “The yield had risen to 5.3645% on October 7, its highest since April 2002”

    Reuters via Finwire, at the passage · whole page

    confirmed
  17. 17
    The story

    Meta Q3 report released Wednesday

    The page says “Release date: October 21, 2026 (Wednesday)”

    Meta, at the passage · whole page

    confirmed
  18. 18
    The story

    Q3 capex $34.91 billion

    The page says “Capital expenditures, including principal payments on finance leases, were $34.91 billion”

    Meta, at the passage · whole page

    confirmed
  19. 19
    The story

    full-year range narrowed to $135-145 billion

    The page says “to be in the range of $135-145 billion, narrowed from our prior outlook of $130-145 billion”

    Meta, at the passage · whole page

    confirmed
  20. 20
    The story

    free cash flow negative $2.12 billion

    The page says “free cash flow was negative $2.12 billion”

    Meta, at the passage · whole page

    confirmed
  21. 21
    The story

    publicly listed, non-voting Class C stock, effective January 2027

    The page says “publicly listed, non-voting Class C common stock, with an effective date in January 2027”

    Meta, at the passage · whole page

    confirmed
  22. 22
    The story

    quote: "will provide Meta the ability to finance its growth" (10 words, attributed to release)

    The page says “The Special Committee determined this new class of common stock will provide Meta the ability to finance its growth”

    Meta, at the passage · whole page

    confirmed
  23. 23
    The story

    Meta shares fell 6.98% Thursday

    The page says “648.85 -48.67 (-6.98%) At close: October 22 at 4:00:01 PM EDT”

    Yahoo Finance, at the passage · whole page

    confirmed
  24. 24
    The story

    Nasdaq Composite lost 2.6%

    The page says “tumbled 2.6% (entry Oct 22, 8:03 PM UTC)”

    Yahoo Finance, at the passage · whole page

    confirmed
  25. 25
    The story

    S&P 500 fell 1.2%

    The page says “dropped 1.2% (entry Oct 22, 8:03 PM UTC)”

    Yahoo Finance, at the passage · whole page

    confirmed
  26. 26
    The story

    Brent for December settled $113.17, up about 4%

    The page says “Brent for December settlement climbed 4% to settle at $113.17 a barrel”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  27. 27
    The story

    WTI settled $99.47, up 2.4%

    The page says “WTI for December delivery advanced 2.4% to settle at $99.47 a barrel in New York”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  28. 28
    The story

    drone strike on Aramco's Shaybah field killed two people

    The page says “A drone strike on Saudi Aramco's Shaybah field killed two people but left operations unaffected”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  29. 29
    The story

    attack hit King Fahd International Airport in Dammam

    The page says “there were casualties from an attack on the King Fahd International Airport in Dammam”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  30. 30
    The story

    Bloomberg reported operations were unaffected

    The page says “left operations unaffected (refers to Shaybah field)”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  31. 31
    The story

    Reuters reported Aramco ordered evacuation of Dhahran HQ

    The page says “Saudi Aramco on Thursday ordered the evacuation of its headquarters in Dhahran on the Gulf near Bahrain”

    Reuters via BOE Report, at the passage · whole page

    confirmed
  32. 32
    The story

    target range 3.75%-4.00% since Sept. 17

    The page says “2026 September 17 | 25 | 0 | 3.75-4.00 (most recent row)”

    Federal Reserve (target range), at the passage · whole page

    confirmed
  33. 33
    The story

    effective rate printed 3.88% Thursday

    The page says “effectiveDate 2026-10-22, percentRate 3.88”

    New York Fed, at the passage · whole page

    confirmed
  34. 34
    The story

    2-year at 4.65% sits above top of range (4.00%)

    The page says “10/22 2 Yr 4.65 vs targetRateTo 4.00”

    U.S. Treasury, at the passage · whole page

    confirmed
  35. 35
    The story

    FedWatch odds of >=25bp hike at Oct 27-28 meeting 7.2%, from 27.7% week before, 55.4% month before

    The page says “The probability of a hike of at least 25 bps has shrunk to 7.2%, according to CME FedWatch ... from 27.7% a week ago and 55.4% a month earlier”

    Reuters via Finwire, at the passage · whole page

    confirmed
  36. 36
    The story

    meeting Oct. 27-28

    The page says “October: 27-28”

    Federal Reserve (FOMC calendar)

    confirmed
  37. 37
    The story

    blackout until the day after the meeting

    The page says “end at 11:59 p.m. Eastern Time the day after a meeting”

    Federal Reserve (blackout rule), at the passage · whole page

    confirmed
  38. 38
    The story

    initial claims fell 6,000 to 194,000, week ended Oct. 17

    The page says “In the week ending October 17, the advance figure for seasonally adjusted initial claims was 194,000, a decrease of 6,000 from the previous week's revised level”

    Labor Department, at the passage · whole page

    confirmed
  39. 39
    The story

    four-week average 197,750

    The page says “The 4-week moving average was 197,750”

    Labor Department, at the passage · whole page

    confirmed
  40. 40
    The story

    Treasury sold $26 billion of 5-year TIPS

    The page says “auction_date 2026-10-22, security_type Note, security_term 5-Year, inflation_index_security Yes, offering_amt 26000000000”

    Treasury Fiscal Data, at the passage · whole page

    confirmed
  41. 41
    The story

    at 1 p.m.

    The page says “closing_time_comp 01:00 PM”

    Treasury Fiscal Data, at the passage · whole page

    confirmed
  42. 42
    The story

    BMO analysts saw result as solid (per Reuters)

    The page says “was seen as solid by analysts at BMO Capital Markets”

    Reuters via Finwire, at the passage · whole page

    confirmed
  43. 43
    The story

    non-dealer bidders 94.5% vs 90.8% average of previous six

    The page says “non-dealer bidding of 94.5% above the 90.8% average for the past six auctions”

    Reuters via Finwire, at the passage · whole page

    confirmed
  44. 44
    The story

    5-year fell 17 bp to 4.78% from 4.95%

    The page says “5 Yr 4.95 (10/21) -> 4.78 (10/22)”

    U.S. Treasury, at the passage · whole page

    confirmed
  45. 45
    The story

    3-month bill 4.22% from 4.25%

    The page says “3 Mo 4.25 (10/21) -> 4.22 (10/22)”

    U.S. Treasury, at the passage · whole page

    confirmed
  46. 46
    The story

    the bill barely moved "because the Fed's range anchors it"

    U.S. Treasury

    unsupported
  47. 47
    The story

    2s10s 31 bp from 32 Wednesday

    The page says “10/22: 4.96-4.65=0.31; 10/21: 5.13-4.81=0.32”

    U.S. Treasury, at the passage · whole page

    confirmed
  48. 48
    The story

    move ran from the 2-year out to the 10-year

    The page says “10/21->10/22: 2Y -16, 3Y -17, 5Y -17, 7Y -17, 10Y -17”

    U.S. Treasury, at the passage · whole page

    confirmed
  49. 49
    The story

    Treasury par yields at 3:30 p.m. ET, Oct. 21 and Oct. 22

    The page says “at or near 3:30 PM each trading day; rows 10/21 and 10/22”

    U.S. Treasury, at the passage · whole page

    confirmed
  50. 50
    The story

    Oct. 21: 4.25, 4.81, 4.95, 5.13, 5.42

    The page says “10/21/2026 row: 3 Mo 4.25, 2 Yr 4.81, 5 Yr 4.95, 10 Yr 5.13, 30 Yr 5.42”

    U.S. Treasury, at the passage · whole page

    confirmed
  51. 51
    The story

    Oct. 22: 4.22, 4.65, 4.78, 4.96, 5.29

    The page says “10/22/2026 row: 3 Mo 4.22, 2 Yr 4.65, 3 Yr 4.72, 5 Yr 4.78, 7 Yr 4.86, 10 Yr 4.96, 30 Yr 5.29”

    U.S. Treasury, at the passage · whole page

    confirmed
  52. 52
    The story

    bill barely moved; 2-year through 10-year fell 16-17 bp

    The page says “3M -3; 2Y -16; 5Y -17; 10Y -17”

    U.S. Treasury, at the passage · whole page

    confirmed
  53. 53
    The story

    money left stocks and landed in Treasuries Thursday; yield fell as price rose

    The page says “as equities sold off ... boosting the safe-haven appeal of government debt”

    Reuters via Finwire, at the passage · whole page

    confirmed
  54. 54
    The tape before the open, item 1

    3-month bill 4.22%, -3 bp, 3:30 p.m. Oct. 22

    The page says “3 Mo 4.25 -> 4.22”

    U.S. Treasury, at the passage · whole page

    confirmed
  55. 55
    The tape before the open, item 2

    2-year 4.65%, -16 bp, 3:30 p.m. Oct. 22

    The page says “2 Yr 4.81 -> 4.65”

    U.S. Treasury, at the passage · whole page

    confirmed
  56. 56
    The tape before the open, item 3

    10-year 4.96%, -17 bp, 3:30 p.m. Oct. 22

    The page says “10 Yr 5.13 -> 4.96”

    U.S. Treasury, at the passage · whole page

    confirmed
  57. 57
    The tape before the open, item 4

    30-year 5.29%, -13 bp, 3:30 p.m. Oct. 22

    The page says “30 Yr 5.42 -> 5.29”

    U.S. Treasury, at the passage · whole page

    confirmed
  58. 58
    The tape before the open, item 5

    2s10s 31 bp, -1 bp

    The page says “31 bp on 10/22 vs 32 bp on 10/21 (computed from page rows)”

    U.S. Treasury, at the passage · whole page

    confirmed
  59. 59
    The tape before the open, item 6

    Fed funds effective 3.88%, 0 bp, Oct. 22

    The page says “2026-10-22 percentRate 3.88; 2026-10-21 percentRate 3.88”

    New York Fed, at the passage · whole page

    confirmed
  60. 60
    The tape before the open, item 7

    EUR/USD (ECB) 1.1205, -0.0029, Oct. 22

    The page says “21 October: 1.1234; 22 October: 1.1205”

    ECB, at the passage · whole page

    confirmed
  61. 61
    The tape before the open, item 8

    Brent Dec. $113.17, +4%, settlement Oct. 22

    The page says “Brent for December settlement climbed 4% to settle at $113.17 a barrel (Oct 22, 3:55 PM)”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  62. 62
    The tape before the open, item 9

    WTI Dec. $99.47, +2.4%, settlement Oct. 22

    The page says “WTI for December delivery advanced 2.4% to settle at $99.47”

    Bloomberg via Rigzone, at the passage · whole page

    confirmed
  63. 63
    The tape before the open, item 10

    Nikkei 225 62,693.16, -0.34%, Tokyo close Oct. 23

    The page says “2026-10-22: 62,907.84; 2026-10-23: 62,693.16 (-0.341%)”

    FRED (Nikkei 225), at the passage · whole page

    confirmed
  64. 64
    The morning in four, item 1

    2-year through 10-year fell 16-17 bp; 30-year fell 13; 3-month moved 3

    The page says “2Y -16, 3Y/5Y/7Y/10Y -17, 30Y -13, 3M -3”

    U.S. Treasury, at the passage · whole page

    confirmed
  65. 65
    The morning in four, item 2

    Meta free cash flow negative $2.12 billion

    The page says “free cash flow was negative $2.12 billion”

    Meta, at the passage · whole page

    confirmed
  66. 66
    The morning in four, item 2

    Meta long-term debt $80.92 billion

    The page says “long-term debt $80,922 million as of September 30, 2026”

    Meta, at the passage · whole page

    confirmed
  67. 67
    The morning in four, item 2

    new non-voting share class to finance growth

    The page says “non-voting Class C common stock ... will provide Meta the ability to finance its growth”

    Meta, at the passage · whole page

    confirmed
  68. 68
    The morning in four, item 3

    claims fell 6,000 to 194,000, week ended Oct. 17

    The page says “advance figure ... was 194,000, a decrease of 6,000”

    Labor Department

    confirmed
  69. 69
    The morning in four, item 3

    insured unemployment rose 25,000 to 1,728,000, week ended Oct. 10

    The page says “during the week ending October 10 was 1,728,000, an increase of 25,000 from the previous week's revised level”

    Labor Department, at the passage · whole page

    confirmed
  70. 70
    The morning in four, item 4

    Brent up 58 cents to $113.75 at 12:39 a.m. ET (Reuters)

    The page says “Brent crude futures climbed 58 cents, or 0.5%, to $113.75 a barrel as of 0439 GMT (= 12:39 a.m. EDT)”

    Reuters via BOE Report, at the passage · whole page

    confirmed
  71. 71
    The morning in four, item 4

    WTI up 66 cents to $100.13

    The page says “US West Texas Intermediate crude futures rose 66 cents, or 0.7%, to $100.13”

    Reuters via BOE Report, at the passage · whole page

    confirmed
  72. 72
    The morning in four, item 4

    "as Houthi attacks in Saudi Arabia continued"

    Reuters via BOE Report

    unsupported
  73. 73
    The morning in four, item 4

    ECB euro reference rate $1.1205

    The page says “22 October: 1.1205”

    ECB, at the passage · whole page

    confirmed
  74. 74
    What to watch, item 1

    S&P Global flash PMIs 9:45 a.m. Friday Oct. 23

    The page says “Oct 23 9:45 S&P Global US Manufacturing PMI Oct”

    TD Economics, at the passage · whole page

    confirmed
  75. 75
    What to watch, item 1

    September readings 55.9, 58.8, 58.4

    The page says “Manufacturing prior 55.9; Services prior 58.8; Composite prior 58.4”

    TD Economics, at the passage · whole page

    confirmed
  76. 76
    What to watch, item 1

    the one scheduled U.S. print of the day

    The page says “Only U.S. entries for Oct 23 are the three S&P Global PMIs”

    TD Economics, at the passage · whole page

    confirmed
  77. 77
    What to watch, item 2

    no BLS release scheduled Friday

    The page says “No releases are listed for ... Friday, October 23”

    BLS, at the passage · whole page

    confirmed
  78. 78
    What to watch, item 2

    no Census release scheduled Friday

    The page says “no releases on October 23 in the list view”

    Census Bureau, at the passage · whole page

    confirmed
  79. 79
    What to watch, item 2

    durable goods and new home sales Tuesday Oct. 27

    The page says “October 27, 2026, 8:30 AM: Advance Report on Durable Goods; October 27, 2026, 10:00 AM: New Residential Sales”

    Census Bureau, at the passage · whole page

    confirmed
  80. 80
    What to watch, item 3

    $13 billion 20-year (19-year 10-month reopening) auctioned Wednesday settles Friday

    The page says “auction_date 2026-10-21, issue_date 2026-10-23, Bond, 19-Year 10-Month, original 20-Year, reopening Yes, offering_amt 13000000000”

    Treasury Fiscal Data, at the passage · whole page

    confirmed
  81. 81
    What to watch, item 3

    auction data lists no sale for Friday

    The page says “no record with auction_date 2026-10-23”

    Treasury Fiscal Data, at the passage · whole page

    confirmed
  82. 82
    What to watch, item 3

    $26 billion 5-year TIPS sold Thursday settles Oct. 30

    The page says “auction_date 2026-10-22, issue_date 2026-10-30, inflation_index_security Yes, offering_amt 26000000000”

    Treasury Fiscal Data, at the passage · whole page

    confirmed
  83. 83
    What to watch, item 4

    blackout keeps participants off policy talk until day after Oct 27-28 meeting

    The page says “end at 11:59 p.m. Eastern Time the day after a meeting”

    Federal Reserve (blackout rule), at the passage · whole page

    confirmed
  84. 84
    What to watch, item 4

    blackout began Oct. 17

    The page says “begin at 12:00 a.m. Eastern Time the second Saturday before a meeting (meeting Tue Oct 27 -> Sat Oct 17)”

    Federal Reserve (blackout rule), at the passage · whole page

    confirmed

The checker's notes

  • Post-deadline check: no fact in the draft depends on information after 4:30 AM ET Oct. 23. The cited Treasury page now also shows a 10/23 row (10Y 5.00) and the ECB page a 23 Oct rate (1.1193); the draft uses neither.
  • Nikkei row: the value (Tokyo close 3:30 p.m. JST = 2:30 a.m. ET Oct. 23) predates the deadline, but the cited FRED page shows 'Updated: Oct 23, 2026 7:02 AM CDT', so that page could not have shown it at 4:30 AM ET. Value confirmed; consider a source that published it before the deadline.
  • Reuters' own measure of the 10-year move was 'fell 19.3 basis points to 4.953%'; the draft's 17 bp/4.96% is Treasury's par curve and is attributed as such. Reuters also says Meta 'lost nearly 8%' (likely intraday) vs Yahoo's 6.98% close; the draft uses the close.
  • No political opinion found. No conduct issue found: analysis is labelled as 'this issue's reading' and outlooks are impersonal and conditional. No quote over 14 words. Background dates (March 2023, April 2002) are inside Reuters attribution.

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