Finance

Selling pressure in the fixed-income markets pushed long-dated government debt to extreme levels, with the 30-year Treasury bond yield climbing above 5.6% to touch its highest point since 2002. Concurrently, the benchmark 10-year note climbed to 5.29%, creating a persistent macroeconomic drag on risk assets.

International and domestic energy benchmarks recorded noticeable declines, as Brent crude fell near $102 a barrel and West Texas Intermediate dropped roughly 3.5%. The downward movement was supported by an emergency release from U.S. reserves and reports indicating a recovery in Saudi Arabian exports out of its Red Sea terminals.

In contrast to the surge in long-term bonds, shorter-dated two-year Treasury yields slipped following public commentary from New York Fed President John Williams. His statements cooled aggressive near-term expectations by suggesting that the central bank does not need to rush its next interest rate hike.