US 30-year Treasury yield hits 5.61%, highest since 2002
Business
The US 30-year Treasury yield just jumped to 5.61%, a level we haven't seen since 2002.
This surge is mostly because investors are selling off bonds, worried about rising oil prices, big corporate debts, and the government borrowing more money.
All of this points to growing concerns about inflation and possible interest rate hikes.
Paramount Skydance $32B bond sale
A big reason for the spike was Paramount Skydance Corp.'s $32 billion bond sale to fund its Warner Bros. Discovery buyout.
Citigroup called it a "light buyer's strike" in Treasuries, with global tensions and a strong US economy adding fuel to the sell-off, the biggest since April last year.
Plus, October usually brings more bond activity, which could keep things bumpy for a while.