US 10-year yield rises to fresh 4-year high

The combination of rising inflation and fiscal profligacy continues to weigh over US bond prices.

The yield on the benchmark 10-year Treasury note rose to 2.926 percent in Asia - the highest level since January 2014.

The yield jumped more than 12 basis points yesterday as the US reported consumer price index at a five-month high of 0.5 percent. Meanwhile, the "core" CPI, excluding the volatile food and energy components, rose 0.3 percent, the largest increase since January 2017.

Moreover, fears of rising debt along with high inflation could make Fed's balance sheet unwinding more impactful on the treasury yields.