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- Treasury yields hit fresh 16-year highs earlier on Wednesday, continuing a massive bond sell-off.
- Long-dated bonds saw big moves, with the 10-year rate topping 4.9% and the 30-year rate surpassing 5%
- Yields later pared gains after a 20-year bond auction saw improved demand.
Treasury yields climbed to fresh 16-year highs on Wednesday, then pared gains after a bond auction saw improved demand for US debt.
Long-dated bonds in particular saw big moves earlier in the session, with the 30-year rate breaking through the 5% threshold, while the 10-year rate jumped above 4.9%.
Wednesday's yield surge added to a jump Tuesday, when strong retail sales data suggested the US economy remains robust and may require more tightening from the Federal Reserve.