Global bonds gripped by fresh selling, US 10-year yield hits 24-year high
TLT•Global bond selling pushed the US 10-year Treasury yield to 5.34%, its highest since 2002. French 10-year yields neared 5%, while Britain’s 30-year yield topped 6%; traders expect at least three more Fed rate hikes before mid-2027.
1. Yields surge globally
Global bonds faced heavy selling, pushing government borrowing costs in the US, France and Britain to levels not seen in decades. The US 10-year Treasury yield rose to 5.34%, its highest since 2002, after its biggest quarterly rise this century in the three months to September.
2. Pressure on borrowers
The French 10-year yield briefly rose 10 basis points to 4.96%, while Britain’s 30-year yield moved above 6%, its highest since 1998. Higher yields increase financing costs for companies and mortgage borrowers and raise government interest payments.
3. Rate expectations shift
Traders now expect at least three more Federal Reserve rate hikes before mid-2027. The selling also weighed on equities: European shares touched their lowest since June, and European bank stocks fell as much as 3%.
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