30-year Treasury yield hits highest level since 2004 as bond market rout continues
U.S. Treasury yields continued their upward momentum after hitting a 19-year high on Wednesday.
TL;DR
- The 30-year Treasury bond yield neared multidecade highs, reaching a 2004 peak of around 5.44%.
- The 10-year Treasury note yield hit its highest level since July 2007.
- Global bonds, including Japanese, U.K., and German yields, also saw increases.
- Stronger-than-expected U.S. economic data, hawkish Fed commentary, and high oil prices contributed to the bond market rout.
- Traders are pricing in a greater than 75% chance of another Fed rate hike in October.
- Fed officials indicated that further policy adjustments are likely to combat inflation.