Bond Rout Deepens With No Peak in Sight for Unmoored Rates
- Ten-year tops 4.75% as most rates reach new cycle highs
- Market-implied odds of another Fed rate increase edge up
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The Treasury market endured one of its worst days in the past year Tuesday as 30-year yields surged to the highest level since 2007.
The latest sign of US economic resilience unleashed a tide of selling, and traumatized investors opted to steer clear. Yields for most Treasury tenors climbed to new multiyear highs led by the 30-year, which rose as much as 16 basis points to nearly 4.95%. It was about 15 basis points higher on the day in late trading, poised for its biggest move in more than a year.