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10-year Treasury yields climb to highest since global financial crisis, Apple may back off iPhone production boost and Russia pressures continue.

Treasury 10-year yields rose above 4% to the highest level since the global financial crisis, spurred by speculation that Japan will intervene to strengthen the yen -- potentially funded by selling US debt securities. An index of US sovereign securities extended its worst year since at least the 1970s after St. Louis Fed President James Bullard warned the central bank has to keep raising interest rates to retain its credibility. Meanwhile, JPMorgan Asset Management said that longer-dated sovereign notes in most developed markets are starting to look appealing given elevated yields.