US Treasury Yields Surge to Highest Level Since 2007

The US Treasury yields soared to their highest level since 2007, causing a sharp rise in volatility on Wall Street. The yield on 30-year bonds reached around 5.26 per cent, while the benchmark yield on 10-year bonds exceeded 4.7 per cent, its highest level since January 2025.

Investors have lost faith in the determination of new Fed chair Kevin Warsh to tackle inflation, despite his assurances that he remains committed to the process. The market was also digesting the financial results of major technology firms, including Apple and Amazon, which further heightened trading volatility during the session.

The Iranian army reported attacks on strategic US military bases in Kuwait and Bahrain, in response to the latest wave of US strikes against Iran. Despite these tensions, oil flows through the Strait of Hormuz were resuming, easing supply concerns in the oil market.