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U.S. Treasury yields surged again Thursday as investors sold government bonds amid rising inflation concerns, strong economic data and growing expectations that the Federal Reserve will continue raising interest rates.
The 30-year Treasury yield climbed 8.7 basis points to 5.489%, its highest closing level since June 2004. The benchmark 10-year yield jumped 8.9 basis points to 5.205%, reaching its highest level since June 2007, while the rate-sensitive two-year yield rose 3.6 basis points to 4.931%.
The sell-off extended Wednesday’s sharp decline, fueled partly by stronger-than-expected U.S. business activity. September flash PMI figures showed economic momentum accelerating, reinforcing concerns that persistent growth could keep inflation elevated and force the Fed to maintain tighter monetary policy. A poorly received five-year Treasury auction also intensified selling as weak demand raised concerns about investors’ capacity to absorb heavy government debt issuance.
Higher oil prices added another source of pressure. Brent crude climbed more than 4% during Thursday’s session as geopolitical tensions surrounding Iran and uncertainty over the Strait of Hormuz increased concerns about prolonged energy-driven inflation.
Federal Reserve officials further strengthened expectations for additional tightening. Philadelphia Fed President Anna Paulson said Thursday that “modest further tightening may be warranted” to return inflation toward the central bank’s 2% target.
The combination of resilient economic activity, elevated energy costs and hawkish Fed commentary has pushed investors to reassess the outlook for U.S. interest rates.
Treasury efforts to ease market strains have so far provided limited relief. The government scheduled a $6 billion buyback of 20-year and 30-year securities Thursday, but selling pressure remained strong as investors reduced exposure to longer-duration bonds.
With Treasury yields now at levels not seen in roughly two decades, markets remain focused on inflation, oil prices, upcoming economic data and signals from Fed policymakers for clues about whether the bond rout could continue.
