US Bond Yields Soar to Highest Since 2004 Amid Economic Growth Concerns

A selloff in government bonds has pushed U.S. long-term borrowing costs to their highest level since 2004, as strong economic growth, mounting public debt, and rising energy prices put pressure on global bond markets.

The yield on the 30-year U.S. Treasury climbed to just above 5.50 percent, while the benchmark 10-year yield stood at 5.17 percent.

The selloff accelerated after U.S. business activity data indicated strong growth and rising inflation pressures, prompting investors to bet on further Federal Reserve interest rate hikes.