Treasury yields continued to rise sharply across the curve on Tuesday, sending the yield on the benchmark 10-year note above the closely watched 5% level. The 10-year Treasury yield added 7 basis points to 5.029% by 5 a.m. ET, while yields elsewhere on the curve rose roughly 4 to 6 basis points. Yields on the 20-year and 30-year Treasurys were last seen at 5.434% and 5.391%, respectively. Global yields followed Treasury yields higher, with government borrowing costs rising in Japan, Germany, the U.K., France, and elsewhere. Bond yields and prices move in opposite directions, with 1 basis point equating to 0.01 percentage point.
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