Treasury yields continue to rise after 10-year hit 19-year high as investors ramp-up rate hike bets

Treasury yields maintained their upward momentum early Thursday after hitting a 19-year high in the previous session, following a U.S. business activity print that amplified expectations for Federal Reserve interest rate hikes. The benchmark 10-year Treasury yield was up one basis point to 5.124%, after reaching a 19-year high on Wednesday, jumping more than 13 basis points to 5.104%. Meanwhile, the 30-year Treasury bond was up over one basis point to 5.42%. The 2-year Treasury note yield was little changed at 4.895%. It comes amid a global government bond selloff, with Japan's 10-year JGB yield rising 8 basis points to 3.055%, the highest since August 1996. U.K. Gilts and German Bunds also moved higher. One basis point equals 0.01%, and yields and prices move in opposite directions.Several factors drove the Treasury selloff, including stronger-than-expected U.S. economic activity, hawkish commentary from a Federal Reserve official, and high oil prices.S&P Global's purchasing managers' index, released on Wednesday, showed that services PMI rose to 58.7 in September, the highest level in almost five years. Its manufacturing counterpart was up to 56.7, a level not seen in over fo...