1601 ET - A massive U.S. government debt sends Treasury yields to new highs amid mounting concerns about inflation, rising interest rates and the Middle East conflict. An auction of $70 billion in five-year notes clears a yield of 5.033%, the highest in two decades, amid indications of soft demand. Futures markets price in 67% odds of a hike in October, up from 55% Tuesday, according to CME. Brent crude rallies 4% to $103 a barrel. The WSJ Dollar Index rises 0.5% to 96.75, its highest level since July. The 10-year yield rises 0.147 percentage point to 5.113, the highest since 2007. The two-year adds 0.118 points to 4.893%, highest since May 2024.
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