U.S. Treasury Yields Surge; 10-Year Yield Hits Highest Level in Over a Year

On the 23rd (local time) in the New York bond market, U.S. Treasury yields rose across the board. The benchmark 10-year Treasury yield recorded 4.71% during morning trading, marking the highest level since January 2025. The 30-year yield recorded 5.183%, marking the highest level since May 20, and has remained above 5% for 14 consecutive trading sessions. The 30-year real yield rose to 2.987%, reaching the highest level since the 2008 financial crisis.

Yemen's Houthi rebels announced they had attacked two Saudi oil tankers, causing international oil prices to surge and heightening inflation concerns.

Since 2007, the size of the U.S. Treasury market has increased from $4.5 trillion to $31 trillion, and the debt-to-GDP ratio has exceeded 100%. Annual interest costs have surpassed $1 trillion. Credit rating agency Fitch warned that the U.S. debt burden is higher than that of other countries with the same AA rating.

The U.S. Treasury is scheduled to announce its funding plans for the next quarter on August 5.