As US Treasury yields continue to forge new highs on expectations that interest rates will stay higher for longer, their stratospheric climb is fraying market sentiment because of their influence on mortgage and business loan rates.
On Wednesday, US bond rates climbed to 16-year highs after stronger-than-expected US job openings added to the case that Federal Reserve monetary policy will remain tight for months, lifting the greenback and sending the already battered Australian dollar below US63¢ for the first time since November.
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Cécile Lefort is a markets reporter based in the Sydney newsroom. Cécile worked in New York and Hong Kong writing about global capital markets. Email Cecile at cecile.lefort@afr.com
