US Treasury Yield Holds Near Historic Highs Amid Global Bond Selloff

The 10-year US Treasury yield has held near its highest level since June 2007 at 5.17% on Friday, as a global bond selloff continues into its second week.

The 30-year Treasury yield was flat at 5.463%, after reaching levels not seen since 2004. The 2-year note yield remained steady at 4.899%.

Federal Reserve Governor Michael Barr said additional rate increases will likely be needed to bring inflation back to the Fed's 2% target, describing last week's quarter-point rate hike as a move 'in the right direction'.

Barr's comments came after the Fed raised its benchmark rate to a range of 3.75% to 4%, with sixteen of eighteen policymakers signalling at least one more increase is likely before year-end.