US Treasury yields near 25-year highs

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US bond yields recovered slightly, but remained near quarter-century peaks due to investors’ fears over inflation, persistent fiscal largesse, and geopolitical uncertainty. The yield on 30-year Treasurys briefly hit its highest level since 2002, with traders pricing in a 90% likelihood of a Federal Reserve rate hike by year-end driven by concerns over inflation.
Fuel prices have surged and economists increasingly expect them to feed into the cost of goods and services. Inflation data due to be released today will provide further insight into the Fed’s path. Experts are also worried by rich countries’ huge amounts of debt: “We may not be on the eve of disaster but room for manoeuvre is shrinking,” the Financial Times’ chief economics commentator warned.

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