10-year Treasury yield hits highest level since 2002 as global bond rout gathers pace

U.S. Treasury yields hit their highest level in more than two decades on Thursday as a global bond sell-off deepened. The benchmark 10-year Treasury yield breached a level last seen in April 2002, rising 4 basis points to 5.3338%, according to LSEG data. The yield on the 30-year Treasury bond jumped 3 basis points to 5.6702%, its highest level since July 2002. Borrowing costs around the world have surged in recent months as investors express concerns over higher interest rates, government debt loads and fiscal spending plans.