High US bond yields are already hurting economies, says INSEAD economist

US long-term borrowing costs have surged, with the 30-year Treasury yield recently hitting 5.34 per cent – its highest since 2007 – before easing after the United States Treasury announced plans to at least double the size of buybacks of longer-dated government debt. CNA looks at how higher US yields could spill over into Asia, pressuring regional currencies, making it harder for Asian central banks to cut rates and making borrowing more expensive for governments and businesses. Speaking to CNA’s Asia First, INSEAD Professor of Economics Ilian Mihov says US Treasury Secretary Scott Bessent's bond-market intervention is unlikely to meaningfully lower long-term yields given its relatively small scale, and says the move may be partly political. Subscribe to our channel here: https://cna.asia/youtubesub Visit our website: https://cna.asia Download our app: https://cna.asia/app Get our editors' picks of stories via chat apps: Telegram: https://cna.asia/telegram WhatsApp: https://cna.asia/whatsapp Follow us on these platforms: https://www.facebook.com/channelnewsasia https://www.instagram.com/channelnewsasia https://www.tiktok.com/@channelnewsasia