FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration/File PhotoLONDON : An unrelenting selloff in world government bond markets pushed U.S. 30-year Treasury yields to 5 per cent for the first time since 2007 and Germany's 10-year borrowing costs to 3 per cent on Wednesday, moves that could hasten a global economic slowdown.
Thirty-year U.S. yields on Wednesday touched the 5 per cent psychological level for the first time since the global financial crisis, and Germany's 10-year Bund yield hit 3 per cent, a fresh milestone in a market where yields were negative in early 2022. Government borrowing costs influence everything from mortgage rates for homeowners to loan rates for companies, with the speed of the bond rout sparking alarm across equity markets while driving the safe-haven dollar higher - in turn causing pain for other currencies such as Japan's yen.
"Right now there is huge momentum behind the sell off because the positioning in the market has been wrong," said Juan Valenzuela, fixed income portfolio manager at asset manager Artemis. "If we don't look down, that 5 per cent level could be with us quite quickly," said Padhraic Garvey, regional head of research, Americas at ING, referring to 10-year Treasury yields.
Source: Financial Digest (financialdigest.net)
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