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Story summary
- The U.S. bond market experienced a major selloff as long-term yields surged.
- Bank of America analysts said worsening U.S. fiscal dynamics are driving the selloff.
- Treasury sold $25 billion of 30-year bonds at a 5% yield after the 30-year Treasury yield hit 5.18% on Tuesday, the highest since 2007.
- Treasury Secretary Scott Bessent called the current oil-price shock a temporary blip that should ease in six to nine months.
