Wall Street seeks to adapt to bond selloff amid high yields

Wall Street: Wall Street refers broadly to the U.S. financial industry, including banks, asset managers, investors, and securities markets. In this news, it describes market participants adapting to a global bond selloff and persistently high Treasury yields that are increasing borrowing costs and straining multiple investment strategies. Bond market: The global bond selloff pushed the U.S. 10-year Treasury yield to its highest level since 2002, while the 30-year yield reached a multidecade high. Market impact: Higher Treasury yields are putting pressure on richly valued stocks, rate-sensitive assets, corporate financing, and mortgage costs. Economic backdrop: Inflation concerns, elevated government borrowing, and shifting expectations for Federal Reserve policy have contributed to the rise in long-term yields.