U.S. Treasury Yields Hit 24-Year Highs as Bond Selloff Deepens

The U.S. bond market is pushing into territory not seen in more than two decades.
The 10-year Treasury yield reached roughly 5.34%, its highest level since April 2002.
The 30-year Treasury yield climbed above 5.68%, its highest since May 2002.
The move reflects a broader global bond selloff driven by persistent inflation concerns, elevated energy prices, heavy government borrowing and expectations that interest rates may remain high for longer.
The impact is already spreading into consumer borrowing costs.
Thirty-year fixed mortgage rates are now around 7.4% nationally, and another sustained move higher in Treasury yields could push mortgage rates closer to 8%.
That would further pressure housing affordability at a time when many existing homeowners remain locked into much cheaper mortgages.
For markets, the key issue is whether Treasury yields stabilize near these levels or continue climbing enough to tighten financial conditions across housing, equities and corporate credit.