The yield on the 10-year US Treasury bond hits its highest level since 2002
The yield on the 10-year French government bond rose to 4.94%, its highest level since 2002, as the French government presented its 2027 budget proposal, which projects a fiscal adjustment of €54 billion.
A trader works on the trading floor of the New York Stock Exchange
The yield on the 10-year U.S. Treasury bond reached a 24-year high on Thursday amid a massive sell-off of government debt and concerns over rising inflation and oil prices.
The yield reached 5.3402%, while that of 30-year bonds rose to 5.6807%, their highest levels since 2002.
The wave of bond selling was also felt in Europe.
The yield on the 10-year French government bond rose to 4.94%, its highest level since 2002, as the French government presented its 2027 budget proposal, which projects a fiscal adjustment of €54 billion.
The German 10-year bond, the benchmark in Europe, climbed to a yield of 3.62%.
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The widespread rise in bond yields has been driven largely by rising oil prices, amid uncertainty about the future of the Strait of Hormuz, a key maritime route for the transit of hydrocarbons.
This rise in energy prices is fueling inflation in major economies, and investors therefore expect central banks to tighten credit by raising interest rates.
Around 8 a.m. GMT, the price of a barrel of North Sea Brent crude rose 1.57% to $99.57.
West Texas Intermediate, in turn, rose 1.91% to $92.15.
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