Yields on the US government's longest-dated bonds climbed to their highest in more than two decades, the latest milestone in an extended selloff driven by inflation and fiscal concerns, according to Bloomberg. The rate on 30-year US Treasuries rose as much as four basis points on Thursday to 5.44%, the highest since 2004, after Brent crude oil prices jumped. It follows a surge this week that left yields across maturities around their highest levels since 2007.

"People are running out of superlatives for the yield on the 30-year bond," said Ed Al-Hussainy, a portfolio manager at Columbia Threadneedle, adding that investors are signaling they need much higher compensation to lock up money for 30 years. Pressure on long-dated bonds has mounted as economic growth, elevated energy prices, inflation and heavier government borrowing prompt investors to demand more for tying up money for decades.

The continued rise in the 30-year yield undercuts the Treasury Department's efforts to bring down long-term borrowing costs. As the selloff intensified, Treasury Secretary

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