Government bond markets endured a punishing summer, with long-term yields climbing to levels not seen in nearly two decades. According to analysis from Prometeia , the rise was fuelled by a combination of inflation fears, mounting public debt and an unexpected new source of competition for investor demand. Between late June and mid-September, the US 10-year yield rose by more than half a percentage point to reach 5%, its highest point since summer 2007 and above the 4.98% peak recorded in October 2023. The 30-year yield climbed to 5.37%, also a level last seen in June 2007. Prometeia notes the trend was not confined to the US. The 10-year Bund gained over 60 basis points to 3.
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