Global Bond Market Sell-Off Intensifies as US Treasury Yields Surge Amid Inflation Fears and Oil Price Jump

A global sovereign bond sell-off continued, pushing US Treasury yields to multi-year highs. The yield on the benchmark 10-year Treasury rose to 4.95%, nearing the 5% level, while the 2-year Treasury yield increased to 4.58%, signaling market expectations for a Federal Reserve rate hike next week. The 30-year bond yield reached 5.37%, its highest since 2007. This market turbulence was fueled by persistent inflation fears, skepticism over a recent Treasury buyback plan, and a jump in oil prices to $109 a barrel.