Global government debt prices fell on Tuesday, with the benchmark US Treasury yield scaling levels not seen since late 2019, as traders bet on central banks withdrawing pandemic-era monetary stimulus.
The yield on the 10-year US Treasury note, which underpins global borrowing costs and stock market valuations, rose to a high of 1.97 per cent. Tuesday’s move extends an ongoing upward trend, in which the 10-year yield this year has risen by 0.44 percentage points.
Bond yields, which move inversely to prices, also climbed in the eurozone, the UK, Canada and Brazil ahead of what is expected to be another US report showing high inflation on Thursday.
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