US Bond Markets Rattle as Oil Prices Push Treasury Yield Above 4.9%

The 10-year US Treasury yield rose above 4.9% on Thursday for the first time since November 2023, driven by oil prices surpassing $100 per barrel and concerns about inflation.

The benchmark 10-year yield increased by over 6 basis points to 4.906%, with the 30-year Treasury bond yield advancing more than 5 basis points to 5.337%.

Market analysts attribute the bond selloff to oil and geopolitical factors, which have overshadowed a producer price reading that met expectations.

Mortgage rates are also on the rise, with the 30-year fixed-rate mortgage reaching its highest level since July 31 at 6.71%.