title: "U.S. 30-Year Treasury Yield Hits Fresh 24-Year High as Global Bond Selloff Resumes" queue_id: "99d51dfcadad9793" section: "finance" date: "2026-10-07" n_sources: 9 keywords_zh: ["美债收益率", "债券抛售", "通胀", "财政赤字", "法国国债"] keywords_en: ["Treasury yields", "bond selloff", "inflation", "fiscal deficit", "French government bonds"]
The global bond selloff resumed on Wednesday after just one day of relief. The U.S. 30-year Treasury yield briefly touched 5.7041%, a fresh 24-year high, Reuters reported, while the Wall Street Journal, citing Tradeweb data, put the print at 5.706% — a level unseen since 2002. The benchmark 10-year note climbed toward 5.35% intraday, also a 24-year peak. Investors were awaiting the release of the Federal Reserve's September meeting minutes later in the day, plus a $39 billion 10-year Treasury auction on Wednesday and a 30-year auction on Thursday — the next tests of appetite for U.S. debt.
France remains the euro area's stress point. French 10-year OAT yields rose 11.4 basis points on Wednesday to 4.869%, having earlier broken above 5% for the first time since July 2002, while the 10-year OAT-Bund spread widened past 150 basis points, the most since late 2011. On October 1, Prime Minister Sébastien Lecornu presented the 2027 budget, proposing roughly €54 billion in savings and a deficit target of 5% of GDP — but the country's fiscal watchdog called its economic assumptions "optimistic." France's Agence France Trésor plans record gross borrowing of €340 billion next year, and with public debt above 120% of GDP, doubts about debt sustainability are deepening rather than fading.
British long-term borrowing costs are equally striking. The UK 30-year gilt yield topped 6% on October 1 — between 6.03% and 6.07% depending on the measure — for the first time since 1998, and London's FTSE 100 index tumbled 1.7% that day. Bank of England data shows the 30-year spot yield at 6.04%, up from 5.31% at the end of 2025 and just 0.78% at the end of 2020. In the U.S., the average 30-year fixed mortgage rate has climbed to 7.28%, its highest since late 2023 and the largest weekly jump in four years, while UK mortgage approvals sank to their lowest since late 2023 — piling pressure on Chancellor John Healey ahead of his first budget on October 28.
No single culprit is driving the rout. Brent crude climbed to around $101.50 a barrel after Iran intensified attacks on tankers in the Strait of Hormuz, reviving inflation fears. Heavy U.S. government borrowing is another weight: the Treasury's October 1 buyback drew $46.39 billion in offers against a $6 billion cap, a vivid sign of supply pressure. State Street Investment Management said in a note that persistent inflation, resilient economic activity and fiscal headwinds have led markets to price a higher path for policy rates. Markets now assign roughly a one-in-five chance to another Fed rate hike in October, with several more increases still priced in over the coming year.
The near-term path runs through Wednesday's 10-year auction, Thursday's 30-year sale, and the Fed minutes from September's meeting, when policymakers raised rates by 25 basis points to a 3.75%–4.00% range for the first time in three years. "The 'higher for longer' rate environment has become 'much higher for a lot longer,'" JoAnne Bianco, senior investment strategist at BondBloxx, wrote in a note. For households, every tick higher in yields means heavier mortgage, auto and credit-card costs — the bond market's pain is being passed through to the real economy.