Krise am Anleihenmarkt: US-Anleiherenditen erreichen höchsten Stand seit 2002

In the global market for sovereign bonds, selling activity is increasing significantly. The yield for 10-year US bonds rose to 5.34 percent on Thursday, reaching a peak not seen since 2002. British bond yields with a 30-year maturity also hit a record high of 6 percent, the highest since 1998. The selling is driven by concerns over inflation due to the Iran conflict.

As rising oil prices boost consumer prices, economists anticipate higher and more persistent inflation, along with higher central bank interest rates. Investors are dumping bonds and investing in new securities with higher yields, causing existing bond prices to fall and yields to rise. Concerns over massive government debt in the US add to the mix, with the debt level recently surpassing $40 trillion.

High interest rates pose a significant problem for governments, as they make it much more expensive to issue new debt. The US government has tried to lower bond yields to make servicing the debt more affordable, but the Federal Reserve's pledge to buy more bonds only temporarily reduced yields. Germany's situation is not immune to the selling pressure either.

The yield on 10-year German bonds, which guides mortgage rates, increased to 3.61 percent, up from around 2.6 percent at the end of February. Rising bond yields make it more expensive to take on new debt, and finance minister Lars Klingbeil (SPD) has already been under pressure to save. "The developments in the energy market remain the focus of bond markets," wrote Deutsche Bank in view of the Iran conflict.

Since the morning, oil prices have risen sharply again, intensifying speculation about rising interest rates in financial markets.