TOKYO/LONDON—U.S. Treasury yields hit a peak not seen since the early tremors of the 2007–2008 global financial crisis on Tuesday, as mounting fears of rates staying elevated for longer sent jitters through risk assets globally and pushed the dollar to a 10-month high.
Asian and European stock benchmarks sagged, with U.S. equities set to follow suit, and crude oil retreated from 10-month highs on remarks from Federal Reserve officials that drove a bearish steepening of the U.S. yield curve.
