The US 10-year Treasury yield climbed to its highest level since early 2002 on Thursday, deepening a global bond sell-off and putting fresh pressure on emerging markets, including India. The yield rose as high as 5.34%, crossing its 2007 peak, as investors sold government bonds on concerns over inflation, higher crude prices and the possibility that US interest rates may stay elevated for longer.
The 10-year Treasury, seen as the global benchmark for borrowing costs, also posted its biggest quarterly rise of this century in the third quarter, according to Reuters.
