US Treasury yields climbed to a new 16-year high on Monday, as a global bond rout resumed following a brief reprieve at the end of last week.
The benchmark 10-year Treasury yield rose 0.13 percentage points to 4.70 per cent, the highest level since 2007, after better than expected manufacturing data bolstered investors’ belief that the US economy is in good shape.
Bond prices around the world have fallen sharply in recent weeks amid an avalanche of Treasury issuance by the US government and a growing belief among investors that central banks will have to hold interest rates at a high level for an extended period. Yields move inversely to prices.
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