US Long Bonds Rebound as Buyers Snap Up Rare 5% Yields

US long bonds rebounded, sending the 30-year yield back below 5%, as investors look to lock in long-term interest rates trading around multi-year highs.

The 30-year yield fell as much as four basis points to 4.98%, a sharper fall than other maturities, after hitting the highest level since July on Monday. The rally in US bonds on Tuesday is notable since it sidesteps a slide in UK debt, where long-maturity yields soared to the highest since 1998. Japanese markets were closed for a holiday.