The U.S. Treasury selloff intensified, with the 30-year yield rising for a sixth
straight session to 5.595%, the highest since 2002. The move is being driven by
elevated energy prices adding inflationary pressure, heavier corporate new-issue
supply, and stronger U.S. activity alongside concern about government debt—part
of a months-long unwind in the roughly $32 trillion Treasury market. Global
government bonds have broadly weakened as the Middle East conflict lifted oil,
prompting investors to price in further rate hikes by major central banks
including the Fed. CITIGROUP strategists call it an adjustment; Yardeni Research
says unwinding of yen carry trades is amplifying the selling.