US 10-year yield hits highest level since 2007
US Treasury Secretary Scott Bessent defended his bond buyback program in contentious congressional hearings.
The 10-year Treasury yield has reached its highest level since the 2007 global financial crisis, with US Treasury Secretary Scott Bessent defending his bond buyback program during contentious congressional hearings. Bessent suggested that the yield spike could have been worse without the Treasury's intervention and defended a separate operation aimed at supporting the Japanese yen.
This move was reportedly preventing Tokyo from selling its US debt, which would have further pushed yields higher. As global bond yields surge, central banks are coalescing around monetary tightening, with US Federal Reserve watchers putting the odds of a rate hike on Wednesday at 92%.
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