NewsMV
The US Treasury's 30-year bond auction cleared at the highest yield since 2001, putting the long end of the curve squarely in focus as a global bond sell-off intensified.
Higher oil prices, sticky US inflation, and the European Central Bank's decision to raise interest rates converged to reignite the rout. The word "reignited" is doing work here.
This sell-off paused, then resumed on a fresh combination of inputs. Oil keeps inflation expectations elevated. US inflation staying sticky narrows the path to easier policy.
The ECB decision signals that tightening extends well beyond US borders. Together those forces gave sellers enough cover to push the long end to a clearing yield last seen in 2001.
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