NewsMV
Thirty-year Treasury debt cleared at the highest borrowing cost since 2001 at the latest US government auction, arriving as a global bond sell-off found renewed intensity.
The rout was reignited by a confluence of rising oil prices, sticky US inflation, and the European Central Bank's decision to raise interest rates.
The ECB's rate hike added fresh weight to a market already contending with higher energy costs and inflation that has stayed elevated.
Those forces pushed buyers to demand greater compensation for locking in duration at the long end. A clearing cost not seen since 2001 reflects how substantially the pricing of that risk has shifted.
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