Rising US Treasury yields put Asia back on edge

By William Pesek – Asia Times

NEW YORK – US Treasury yields are pressing against their highest levels since 2007, and Asia’s policymakers know what that usually means: turbulence ahead.

This week’s $42 billion auction of 10-year notes cleared at 4.683%, the richest yield since the eve of the global financial crisis. Investors are demanding higher yields to fund Washington’s borrowing as the national debt approaches $40 trillion – and President Donald Trump’s repeated intrusions into the Federal Reserve’s independence only sharpen unease in Tokyo and Beijing, the two largest foreign holders of US debt.