Treasury Yields Hit New 24-Year Highs; French Bonds Underperform on Budget Worries -- 3rd Update

U.S. Treasury yields surged to levels not seen in more than 24 years as a global bond selloff resumed. According to Tradeweb, the 10-year note traded as high as 5.361%—its highest intraday level since April 2002—while the 30-year reached 5.730%, the highest since May 2002. The 2-year hovered near a 2024 high at 4.954%. Danske Bank warned of further pressure on long-dated Treasurys, with analysts pointing to supply and demand factors, and they flagged a risk of 10- and 30-year yields hitting 6%. Markets also weighed minutes from the Fed’s September meeting, where rates were raised for the first time in three years.