The benchmark US 10-year Treasury yield reached 5.338% on Thursday, its highest intraday level since April 2002, later pared gains amid volatile global bond trading.
Concerns over expanding government fiscal deficits dominated the market as sovereign borrowing costs climbed across major economies.
In Europe, French and British long-dated bond yields rose by as much as 10 basis points before reversing course. Their retreat followed an overnight increase in yields across government bond markets.
Meanwhile, US stock futures strengthened as the Treasury market improved. The most actively traded Brent crude futures contract also rose towards $100 a barrel.
Read: US Economy Defies Federal Reserve Rate Hike as Yields Rise
However, that figure represents an approximate trading level rather than a closing price. The Treasury peak likewise reflects an intraday high, not the yield at market close.
Read: US Stock Futures Slip as Oil and Treasury Yields Rise
The US 10-year Treasury yield reached 5.338%, its highest intraday level since April 2002, before easing.
