Global bond sell-off pushes U.S. Treasury yields to fresh 24-year highs

The yield on key U.S. Treasury bonds rose to fresh 24-year highs Wednesday, as the latest global bond sell-off picked up steam.

Benchmark government bonds in France and Italy also rose sharply and were on pace for their biggest one-day jump since March, when the launch of the Iran war rattled global markets. The yield on the U.K. 30-year government bond hit its highest level since 1998.

Closely tracking those moves, the 10-year Treasury yield rose as high as 5.35% and the 30-year Treasury yield hit 5.73% — the highest levels for each since 2002.