New Delhi, Sept. 30 -- The US bond market is witnessing a sharp sell-off on Wednesday, with Treasury yields rising. The 10-year US Treasury yield extended its morning gains to 5.214%, up around 1%, while the 30-year Treasury yield climbed 0.90% to 5.544%. It had earlier crossed 5.6%, reaching its highest level since June 2002, when it touched 5.644%.

US Treasuries remained in focus after yields on the longest-dated government bonds climbed to their highest levels since 2002 during the New York session. Yields subsequently stabilised across maturities after rising earlier in the week, as a surge in oil prices led traders to factor in the possibility of additional interest-rate hikes by the Federal Reserve.

US bond yields are rising due t...