The global government bond sell-off intensified today, with the US 10-year government bond yield hitting its highest level since January 2025, and the 30-year government bond yield hovering near a 20-year high. Meanwhile, Japan's 10-year government bond yield rose above 3% for the first time since 1996, the UK's 10-year government bond yield reached a new high since mid-2007, and Germany's 10-year government bond yield also reached levels seen during the peak of the European debt crisis in 2011. Impacted by this, major US stock indices fell across the board in early trading.