US borrowing costs hit highest level since 2007
The effective interest rate on US government bonds over 10 years, known as the 10-year Treasury yield, has risen as high as 5.04% but has eased back since.
US government borrowing costs climbed to their highest level since 2007 after a jump in oil prices further fuelled concerns about inflation.
The effective interest rate on US government bonds over 10 years, known as the 10-year Treasury yield, rose as high as 5.04% but has eased back since.
Government bond yields have been rising globally for months, driven by worries that inflation caused by the oil price surge since the start of the US-Israel war with Iran will lead to higher interest rates.
Investors are anticipating the US Federal Reserve will raise interest rates to combat the inflation caused by higher oil prices.