The yield on the US benchmark treasury bond rose to its highest level since 2002, marking another milestone in the month-long sell-off of global sovereign bonds. The 10-year Treasury yield rose above the 2007 high of 5.34% on Thursday. Earlier this week, 30-year US Treasury yields also hit a 24-year high. Global government bonds continue to be under pressure. High oil prices associated with the Middle East war are being transmitted through the global economy, and investors are betting that central banks will raise interest rates further. At the same time, governments are heavily borrowing, and strong investment in artificial intelligence infrastructure, increasing demand for capital has led to rising financing costs. Steven Barrow of Standard Chartered said, “The rise in government bond yields is a structural long-term development trend. We see rising yields as a process for financial markets to gradually find a 'new normal' path.”

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