US Treasury Yields Surge to Highest Since 2007 as Bond Selloff Deepens US Treasury yields surged on Wednesday as stronger-than-expected US economic data, higher oil prices and weak demand at a $70 billion five-year note auction intensified the bond selloff, Bloomberg reported. The five-year yield rose above 5% for the first time since 2007, while the 10-year yield climbed nearly 17 basis points to 5.13% and the 30-year yield reached about 5.4%, both near their highest levels since 2007. The five-year auction cleared at 5.033%, more than 3 basis points above the expected level and the second-weakest result in data going back to 2018. Rate swaps now fully price in three additional 25-basis-point Fed hikes over the next year, with significant hedging for a fourth. The selloff also weighed on equities, with the S&P 500 falling 0.8%.