Wu Blockchain (@WuBlockchain): US Treasury Yields Surge to Highest Since 2007 as Bond Selloff Deepens

US Treasury Yields Surge to Highest Since 2007 as Bond Selloff Deepens US Treasury yields surged on Wednesday as stronger-than-expected US economic data, higher oil prices and weak demand at a $70 billion five-year note auction intensified the bond selloff, Bloomberg reported. The five-year yield rose above 5% for the first time since 2007, while the 10-year yield climbed nearly 17 basis points to 5.13% and the 30-year yield reached about 5.4%, both near their highest levels since 2007. The five-year auction cleared at 5.033%, more than 3 basis points above the expected level and the second-weakest result in data going back to 2018. Rate swaps now fully price in three additional 25-basis-point Fed hikes over the next year, with significant hedging for a fourth. The selloff also weighed on equities, with the S&P 500 falling 0.8%.