Treasury yields rise as oil clocks one-year high

Rally in oil prices to one-year high has lifted government bond yields across the globe. The treasury yields advanced across the curve in Asia.

At the time of writing, the yield on the benchmark 10-yr note was up 3 basis points (bps). The 2-yr yield, which mimics short-term rate hike bets, added 2.4 bps.

Meanwhile, in Japan, the 40-year yield rose to 0.605% today, its highest since September 16.

The rise in yields also represents increased odds of a fiscal splurge across the advanced world, given that monetary policy stands exhausted.