US bond yields have been on an upward trajectory, with the benchmark 10-year Treasury yield reaching a three-month high on Wednesday. This sudden rise in bond yields, occurring ahead of the 2024 US Presidential Election, has exerted downward pressure on global equity markets.
The 10-year Treasury yield has surpassed critical technical levels, including its 200-day moving average and the 50% Fibonacci retracement from the decline observed between April and September, according to a Reuters report.
The yield on the 10-year Treasury note last fell by 3 basis points to 4.214%, after earlier hitting 4.260%, the highest level since July 26. Meanwhile, the two-year yield reached 4.084%, its highest point since October 10. The spike in yields also bolstered the US dollar index, which climbed to nearly a three-month high against major currencies, peaking at 104.38.
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