US 30-year Treasury yield hits highest level since 2002

The US 30-year Treasury yield surpassed 5.59% on Tuesday, reaching its highest level since 2002, as elevated oil prices, inflation concerns, and heavy corporate debt issuance deepened a global bond market selloff. The yield rose for a sixth straight day, crossing another key threshold amid a months-long decline in the $32 trillion Treasuries market. Surging energy prices tied to the Middle East war and strong US business activity have fueled expectations that central banks, including the Federal Reserve, will raise interest rates further. Treasuries have lost 2.6% this year, with the 10-year yield at 5.24%, its highest since 2007. Some investors see opportunity, with Wall Street veteran Jim Bianco turning bullish for the first time in six years, while others warn losses may extend into October.