US 10-year Treasury yield spikes to two-week high

A selloff in the US Treasury market resumed on Wednesday, pushing the 10-year bond yield to a two-week high back above the key 3 percent level. Analysts said expectations for higher interest rates continued to drive US bond yields higher, overshadowing any fallout from the US exit from the Iran nuclear deal for now.

The US 10-year Treasury yield rose to as high as 3.01 percent in early European trade and was last up 4 basis points on the day. Two-year Treasury yields climbed to 2.53 percent, their highest in almost a decade.