US Treasury yields rebound across the board, global sovereign bonds experience synchronized sell-off

On September 2nd, the yield of 30-year US Treasury bonds rose to 5.27%, the 10-year yield reached its highest level since January 2025, and the two-year yield rose to 4.40%. The market has priced the probability of the Federal Reserve raising interest rates this month at about 70%. Mark Cabana pointed out that the interest rate market cannot sustain a decline in yields, and investors are demanding higher compensation. Bessent said that the market is the market, while Dan Morehead said that the premise for a bluff to work is that no one at the table knows. The yield of Japanese 10-year treasury bond hit 3% for the first time since 1996, the 30-year yield of Britain rose to the highest since 1998, the 30-year yield of Germany hit the highest since 2011, and the yield of Bloomberg Global Sovereign Bond Index rose to the highest level in nearly 20 years. The oil price has risen by about 13% to $94 in the past month, and the fiscal expansion of the high market has intensified the pressure of debt refinancing. Florian Ielpa stated that the attractiveness of fixed income relative to stocks is increasing. Global sovereign debt repricing drives up financing costs.