Driven by soaring energy prices, increased debt size, and inflation, global bonds were sold off on a large scale, and the yield on US 10-year Treasury bonds climbed to the highest level in nearly 20 years. On Tuesday, the yield rose 3 basis points to 5.02%, surpassing the 2023 high and reaching its highest value since 2007. The rise in yields in this round stemmed from increased supply risks in the Middle East, which led to higher international oil prices. Since the US took military action against Iran in late February, global bond yields have continued to rise, and oil and gas supply to the Middle East has been disrupted. In addition to this, large amounts of corporate borrowing to invest in the field of artificial intelligence are also an important driver: large amounts of debt are pouring into the market, and related spending is also injecting incentives into the already resilient US economy.

Driven by soaring energy prices, increased debt size, and inflation, global bonds were sold off on a large scale, and the yield on US 10-year Treasury bonds climbed to the highest level in nearly 20 years. On Tuesday, the yield rose 3 basis points to 5.02%, surpassing the 2023 high and reaching its highest value since 2007. The rise in yields in this round stemmed from increased supply risks in the Middle East, which led to higher international oil prices. Since the US took military action against Iran in late February, global bond yields have continued to rise, and oil and gas supply to the Middle East has been disrupted. In addition to this, large amounts of corporate borrowing to invest in the field of artificial intelligence are also an important driver: large amounts of debt are pouring into the market, and related spending is also injecting incentives into the already resilient US economy.