A global bond selloff continued on Wednesday, hurting stocks and boosting the dollar, on the back of evidence the U.S. economy is in good health, likely limiting further rate cuts, and renewed reports about U.S. tariffs.
The benchmark 10-year U.S. Treasury yield rose to as high as 4.73 percent, its highest since April 2024, building on Tuesday's 7 basis point (bp) rise.
The selloff in bonds on Wednesday accelerated after a CNN report that U.S. President-elect Donald Trump is considering declaring a national economic emergency to provide legal justification for a series of universal tariffs on allies and adversaries.
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