The yield on 30-year US Treasuries hit a 16-year high on Tuesday, as a sell-off in global bond markets pushed equities down and rocked currencies such as the yen and the rouble.
The 30-year US yield reached 4.95 per cent for the first time since 2007 — before the financial crisis — as markets adjusted to the prospect of a long period of high interest rates and governments’ vast borrowing needs.
In a sign of the worldwide impact of the sell-off, German and Italian borrowing costs also hit their highest levels for more than a decade.
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