US Treasury yields hit 19-month high as global bond selloff deepens

US Treasury yields reached their highest level since early 2025 on Tuesday, driven by a continuing wave of global bond selling, according to market data. The yield on the benchmark 10-year Treasury note climbed roughly two basis points to 4.75%, a 19-month high. Yields across other maturities also rose by one to two basis points. Corporate bond issuance has intensified the pressure on US debt markets. Since the start of August, corporate bond supply has exceeded $145 billion, a record for the period, adding to strain in the US corporate debt market. The selloff has spread across global bond markets, fueled by inflation concerns, developments in the Middle East and rising tensions around the Strait of Hormuz. Despite the pressure on bonds, investors have pared back bets on near-term US rate increases. Market pricing currently puts the probability of a rate hike at the Federal Reserve's September meeting at roughly 35%.