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The 10-year Treasury yield reached 11.92% on February 6, 1980, marking a 4.0 standard deviation jump above its 60-day average of 10.65%. This represents an extreme outlier in bond market behavior. The spike coincides with record-low unemployment at 4.30% and record-high CPI inflation. This combination suggests the Fed was aggressively tightening monetary policy to combat inflation, driving yields to punitive levels. What's notable is how quickly yields climbed - from 10.33% on December 31 to 11.92% in just 37 days, reflecting rapid shifts in monetary expectations during this volatile period.