US 10-year Treasury yield hits highest level since 2007

The effective interest rate on US government 10-year bonds climbed to 5.04% before easing back, marking its highest level since 2007, driven by rising oil prices and anticipation of a Federal Reserve meeting.

• The 10-year Treasury yield reached 5.04% before easing back.
• 10-year Treasury yield hit 5% for the first time since 2007.
• Rise was driven by oil price jumps and Fed meeting expectations.