Treasury yields hit highest level since 2002 before bond market steadies

Government bonds found their footing after a rough stretch in which heavy selling drove 10-year US Treasury yields to their highest level since 2002, according to the Financial Times. The stabilization offered a pause after days of rising yields, which move inversely to bond prices. The selloff had rattled broader markets because higher Treasury yields raise borrowing costs across the economy and pressure the valuations of growth stocks, particularly in technology. Gold prices stayed subdued through the episode, weighed down by the combination of a stronger dollar and higher yields, as investors awaited the next US jobs report for direction. Whether the steadying holds depends largely on upcoming economic data, including the nonfarm payrolls report investors are watching closely. A weaker-than-expected jobs number could ease pressure on yields, while a strong print could reignite the selloff.