US 10-year Treasury yield hits 24-year high above 5.30%

The US 10-year Treasury yield surged above 5.30% on Wednesday, reaching a 24-year high, driven by resilient economic data, energy-driven inflation concerns, and growing government debt. The benchmark yield peaked at 5.31%, up 5 basis points, a level last seen in spring 2002 and above its 2007 peak. Yields rose across the curve, with the 30-year rate climbing 8 basis points to 5.65%, reflecting pressure on longer maturities. Softer-than-expected inflation data reduced odds of a Federal Reserve rate hike in October to about 37%, shifting expectations to December. Friday's employment report is now the next key market signal.