Global Bond Selloff Drives US Benchmark Yields Beyond 5%, Rattling Stocks

A significant selloff in global bond markets has pushed the U.S. benchmark yield above 5%, contributing to a broader unsettling of stock markets. This development is mirrored in other major economies, with Japan's 10-year bond yield reaching a three-decade high, Australian 10-year yields jumping by over 7 basis points to 5.41%, and German 10-year yields nearing their highest level since 2009 at 3.55%. French 10-year yields are also hovering near an 18-year high.