Global sovereign bond yields remained anchored near multi-year peaks on Tuesday, driven higher by persistent geopolitical risk in energy markets and reinforced central bank hawkishness across major economies. The benchmark U.S. 10-year Treasury yield held at 5.230%, its highest level since July 2007, while the long-dated 30-year Treasury yield hovered at 5.556%, consolidating around its highest level since 2004, and the two-year Treasury yield held near 4.956%. In Asia-Pacific markets, the 10-year Australian government bond yield fell to 5.377%, marking its sharpest single-day decline in nearly two months, a pullback after Australian borrowing costs touched their highest levels since 2011 during the previous session. The Reserve Bank of Australia raised its official cash rate by 25 basis points to 4.60%, a 15-year high and its fourth rate increase this year. Federal Reserve Governor Lisa Cook warned that inflation pressures are likely to persist, citing the artificial intelligence buildout and elevated crude oil prices, and money markets now price in a nearly 70% probability of another 25-basis-point rate increase at the Fed's upcoming October meeting. Market participants are focused on Wednesday's August Personal Consumption Expenditures price index and Friday's September nonfarm payrolls report.
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