A global selloff in long-dated government bonds lifted borrowing costs across major economies, with the 10-year US Treasury yield touching 5.34%, its highest level since 2002, before easing to about 5.26%. The 30-year Treasury yield reached a 24-year peak and later traded at 5.61%, while the 30-year UK gilt yield crossed 6% for the first time since 1998. Rising energy prices, heavy government borrowing, artificial-intelligence infrastructure financing and expectations of higher policy rates for longer have kept pressure on bond prices. The average US 30-year fixed mortgage rate was previously reported at 7.6%, while CNN reported that 30-year mortgage rates crossed 7% last week for the first time since early 2025. The Institute of International Finance estimated that advanced economies spent more than $3.3 trillion servicing internationally traded government bonds over the past year, exceeding global spending on AI, defense or clean energy. The IMF said bond-market trading remained orderly despite the broad increase in yields.