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Longer bond maturities led the drop, driving the yield on 10-year debt up four basis points to 4.44%. The spread between five- and 30-year yields (^TYX) climbed to within a whisker of 100 basis points, a level it last closed above in 2021. The moves came as US equity futures pointed to a lower open and a gauge of the dollar approached its lowest since 2023.
'We can certainly see why the long end of safe haven curves are unloved,' said Rabobank strategists including Richard McGuire, adding the US policy outlook is too cloudy to attract buyers for long-dated Treasuries.
Euro-area and UK bonds fell alongside Treasuries, with their yield curves also steepening as the long-end bore the brunt of the selling.
That reflects the risk of further trade salvos from the US president, after he announced he would be increasing tariffs on steel and aluminum to 50% from 25% to help protect American workers. He also said China had violated its trade agreement with the US.
Traders will next focus on headline US ISM manufacturing data for May due on Monday, forecast to show an improvement but remain in contraction territory below 50. US Fed Chair Jerome Powell is among a number of policymakers scheduled to speak later in the day, with the week culminating in payrolls data on Friday.
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