10-year Treasury yield hits highest level since 2002 as global bond rout gathers pace
Treasury yields were higher on Thursday ahead of jobs data.
U.S. Treasury yields hit their highest level in more than two decades on Thursday as a global bond sell-off deepened.
The 10-year Treasury yield breached a level last seen in April 2002, rising 4 basis points to 5.3338%, according to LSEG data. The figure is key to rates for mortgage borrowing, auto loans and credit card debt.
The yield on the 30-year Treasury bond jumped 3 basis points to 5.6702%, its highest level since July 2002. The 2-year yield was 2 basis points higher at 4.91%.
Yields and prices move inversely. One basis point equals 0.01%.
Government borrowing costs were under pressure around the world on Thursday.
The yield on the German 10-year bund, the benchmark for the euro area, was up 4 basis points at 3.6179%, its highest since 2008. Elsewhere in Europe, the French 10-year popped 11 basis points to 4.9501%, Italy's 10-year was up 10 basis points to 4.7171%, while the U.K.'s 10-year yield was up 5 basis points to 5.483%.
Borrowing costs for major economies have surged in recent months as investors express concerns over higher interest rates, government debt loads and fiscal spending plans.
