Bond Traders Refocus on 3% U.S. Yield as Inflation Bets Mount
- A surge in commodities also contributed to long-bond weakness
- 10-year U.S. yield approaches 2018 high as curve steepens
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A wave of selling across European sovereign debt and a rally in commodities prices are giving Treasury-market bears their mojo back.
The benchmark 10-year Treasury yield reached 2.93 percent Thursday, within about 2 basis points of the 2018 high touched in February. The slump in the world’s biggest bond market came as U.K. gilts slid along with German bunds amid a burst of supply out of Western Europe.