Yield pressure ratchets up as perfect storm in bond markets brew

The 10-year U.S. Treasury yield surged to its highest level since July 2007, posting its largest one-day move in nearly 18 months. Five- and 30-year Treasury yields also reached pre-financial-crisis highs, signaling a sharp broad-based repricing in sovereign bond markets and potentially tighter financial conditions for equities, credit and interest-rate-sensitive sectors.