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Policy   (https://www.cnbc.com/tv/)  Video   (https://www.cnbc.com/watchlist/)  Watchlist   (https://www.cnbc.com/investingclub/subscribe?__source=investingclub|globalnav|join&tpcc=investingclub|globalnav|join)  Investing Club   (Join IC)   (https://www.cnbc.com/application/pro?__source=pro|globalnav|join&tpcc=pro|globalnav|join)  PRO   (Join Pro)       (https://www.cnbc.com/live-tv/) Livestream         Menu             (https://www.cnbc.com/markets/bonds/) Bonds 10-year Treasury yield hits highest level since 2002 as global bond rout gathers pace  Published Thu, Oct 1 2026 3:57 AM EDT  Updated 3 Hours Ago   (thumbnail)  (https://www.cnbc.com/jenni-reid/) Jenni Reid       (https://www.cnbc.com/live-tv/) WATCH LIVE         U.S. Treasury yields hit their highest level in more than two decades on Thursday as a global bond sell-off deepened.  The (https://www.cnbc.com/quotes/US10Y/) 10-year Treasury yield breached a level last seen in April 2002, rising 4 basis points to 5.3338%, according to LSEG data. The figure is key to rates for mortgage borrowing, auto loans and credit card debt.   The yield on the (https://www.cnbc.com/quotes/US30Y/) 30-year Treasury bond jumped 3 basis points to 5.6702%, its highest level since July 2002. The (https://www.cnbc.com/quotes/US2Y/) 2-year      yield was 2 basis points higher at 4.91%.  Yields and prices move inversely. One basis point equals 0.01%.   Loading chart...    Government borrowing costs rose around the world on Thursday, continuing a months-long trend as investors express concerns over a lack of political action to tackle fiscal deficits, while inflation remains sticky and interest rates rise.             Major economies face "persistently large deficits and rising interest expenses — challenges long associated with debt-distressed emerging market sovereigns," the Institute of International Finance (https://www.cnbc.com/2026/09/24/japan-jgb-bond-yield-treasurys.html) said last week . (https://www.cnbc.com/quotes/JP10Y/) Japan's 10-year      yield was last seen at 3.126%, the highest level in three decades. Japan's globally influential debt has (https://www.cnbc.com/2026/09/01/japan-bonds-yen-intervention-bessent.html) come under pressure from a weaker yen  and (https://www.cnbc.com/2026/09/18/japan-raises-rates-30-year-high-yen-jgb.html) rate hikes by the Bank of Japan .  The yield on the (https://www.cnbc.com/quotes/DE10Y/) German 10-year      bund, the benchmark for the euro area, was up 4 basis points at 3.6179% — its highest since 2008. Elsewhere in Europe, the (https://www.cnbc.com/quotes/FR10Y/) French 10-year      popped 11 basis points to 4.9501%, (https://www.cnbc.com/quotes/IT10Y/) Italy's 10-year      was up 10 basis points to 4.7171%, while the (https://www.cnbc.com/quotes/UK10Y/) U.K.'s 10-year      yield was up 5 basis points to 5.483%.  (https://www.cnbc.com/2026/10/01/q3-markets-stocks-oil-iran-war.html) (Traders work on the floor of the New York Stock Exchange (NYSE) during morning trading on Aug. 24, 2026 in New York City.)   (https://www.cnbc.com/2026/10/01/q3-markets-stocks-oil-iran-war.html) These charts show how volatile the last quarter was for stocks and bonds   Bonds are (https://www.cnbc.com/2026/09/15/oil-us-treasurys-stocks-pressure.html) increasingly moving in lockstep with oil prices , which have been turbulent amid the U.S. and Israel's war with Iran obstructing crude exports from the Middle East. Crude oil prices were (https://www.cnbc.com/2026/10/01/oil-prices-today-wti-brent.html) higher on Thursday , with international benchmark Brent Crude back above $100 a barrel.  "We could see [bond] buyers come in effectively to take advantage of those yields, which would have the effect of causing them to go down, but also one of the things that has kept the volatility in those yields in the long end of the curve has been what's going on with oil, what's going on with inflation," Nomi Prins, founder of Prinsights Global, told CNBC's "Squawk Box Europe" on Thursday. But sovereign wealth funds and central banks, among the main long-term holders of Treasury debt, are unlikely to do this, Prins said. "We could see movement ... in Treasury yields going down if oil prices go down significantly, if there's a resolution" in the Middle East, Prins added.      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