The bond selloff has driven a key Treasury yield to the verge of 5%, worsening angst from Wall Street to Washington about higher borrowing costs hitting the US economy.
US Treasuries rallied after data showed employers unexpectedly cut jobs in July, suggesting labor market challenges that could impact the Federal Reserve’s willingness to raise interest rates.
US Treasuries slumped for a second day as surging oil prices prompted traders to slash bets on more than one Federal Reserve interest-rate cut this year.
