U.S. government debt yields continued their upward climb Wednesday, with the rate on the 10-year Treasury note edging above the 3 percent benchmark it hit Tuesday for the first time since 2014.
The yield on the two-year Treasury yield also extended its gains, up to over 2.5 percent and its highest level since September 2008.
The 10-year Treasury note yield was higher at around 3.028 percent at 2:38 a.m. ET, down from 3.033 percent hit earlier in the session, its highest level since January 2, 2014. The next key technical level for the 10-year yield is 3.05 percent, which would put the yield at its highest level since 2011.
Should the 10-year Treasury yield close higher than its open Wednesday, it will be the first time in two years that the rate has posted six consecutive daily increases, according to Bespoke Investment Group.
Source: Bespoke Investment Group
The yield on the 30-year Treasury bond was higher at 3.214 percent. Bond yields move inversely to prices.
Markets around the globe are keeping a close eye on the U.S. bond market after the most recent move in yields exacerbated a sell-off in stocks on Tuesday.
The yield had been flirting with the all-important psychological 3 percent level for days but, once hit, financial markets around the world reacted.
"Traders, it seems, are finally giving the 10-year U.S. Treasury yield its due, by realizing that the prospect of higher U.S. real GDP growth, higher U.S. inflation warrants a higher yield," said Thierry Wizman, global interest rates and currencies strategist at Macquarie Group. "A further cheapening of the US Treasury bond seems likely."