Key facts
- Benchmark 10-year US Treasury yields reached their highest level since 2007 on Tuesday.
- Japan's 10-year government bond yield climbed above 3% to a 30-year high of 3.025%.
- Higher oil prices unsettled investors ahead of key central bank meetings.
Bonds experienced a significant slump on Tuesday, pushing benchmark 10-year US Treasury yields to their highest point since 2007. This rise in yields was attributed to a combination of factors, including higher oil prices which unsettled investors, and concerns over bond supply. Ahead of crucial central bank meetings, the market sentiment soured. In a related development, Japan's benchmark 10-year government bond yield also saw a notable increase, climbing back above 3% to reach a fresh 30-year high of 3.025% amid renewed supply worries.