U.S. 10-Year Treasury Yield Reaches Its Highest Level Since 2002

The U.S. 10-year Treasury yield reached 5.3338% on Oct. 1, its highest level since April 2002, as rising government borrowing costs spread across major bond markets and Brent crude returned to $100 a barrel.

The 10-year yield gained four basis points. The 30-year yield rose three basis points to 5.6702%, its highest since July 2002, while the two-year yield increased two basis points to 4.91%.

Yields also climbed in Europe and Japan. Japan’s 10-year government bond yield reached 3.126%, a 30-year high, and Germany’s rose four basis points to 3.6179%, its highest since 2008. France’s and Italy’s 10-year yields rose to 4.9501% and 4.7171%, respectively; the U.K. 10-year yield reached 5.483%.

The U.S. 10-year yield is a key reference for borrowing costs, including mortgages, auto loans and credit cards. Rising oil prices and inflation concerns have accompanied the broad bond selloff.