U.S. 10-year Treasury yield hits highest since 2002 as global bond selloff grinds on

Global bond markets stayed under pressure Thursday as the U.S. 10-year Treasury yield briefly climbed to 5.34% — its highest level since 2002 — before dip buyers pulled it back toward 5.27%, Reuters reported from London. The benchmark note posted its biggest quarterly rise this century in the July–September stretch, gaining about 87 basis points — the largest quarterly jump since 1994, LSEG data showed. Selling rippled through French, British and Japanese debt as well: France’s 10-year yield briefly neared 5%, and Britain’s 30-year yield nudged above 6% for the first time since early 1998. Strategists tied the move to sticky energy-driven inflation, strong U.S. data and AI-related growth expectations that keep terminal rate bets elevated; Brent’s December contract was last around $100 a barrel after a 42% surge in the third quarter amid stalled U.S.Iran ceasefire talks. Equity markets were relatively steadier thanks to Micron Technology’s blockbuster earnings, which lifted AI-memory supply commitments under long-term agreements to $32 billion from $22 billion in June — a separate story Serious Pick already covered on the chipmakers FY2026 results. Still, rate-sensitive sectors and European shares felt the bond heat earlier in the session, and the dollar stayed firm as yields held above the psychologically important 5% mark. For Canadian savers and borrowers watching GIC and mortgage pricing, multi-decade U.S. and global yields reinforce a “higher for longer” backdrop even when markets dial back odds of an immediate Federal Reserve hike — a reminder that term premia and fiscal worries can tighten financial conditions without a fresh policy move. This article is for general news purposes only and is not investment advice. It does not recommend buying or selling any security or making any financial decision; readers should consult a qualified adviser about their own circumstances. Sources: Reuters via London Stock Exchange / LSE.com; Reuters U.S. stocks wrap via LSE.com.