US 30-year yield on Wednesday, October 7 jumped 5 basis points to 5.70%, highest since 2002 as oil prices climbed, while investors awaited a closely watch minutes from the Federal Reserve's last meeting, Bloomberg reported. This comes days after 10-year Treasury yield climbed as much as six basis points to 5.34%, crossing its 2007 peak.
Government debt has been rising across the world as higher oil prices, driven by the war in the Middle East extend across the global economy, leading investors to expect futher interest rate hikes by central banks. High government borrowing and strong investment in artificial-intelligence infrastructure is adding to the demand for capital, raising borrowing costs.
Last month, yields of the longest-dated US Treasuries surged to 5.61%, its then highest level since 2002, Bloomberg reported.
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