A global bond selloff is pushing borrowing costs higher for governments, businesses and families across the developed world, with 30-year U.S. Treasurys reaching 19-year highs. Wall Street sees no end in sight as yields climb amid factors including the U.S.-Iran conflict stoking inflation worries, a flood of tech-company bonds competing for capital, widening budget deficits and uncertainty around the new Federal Reserve chairman.

Investors largely agree these conditions won't dissipate soon. Many point to a larger driver: the economy's resilience despite interest rates once thought high enough to significantly slow growth. If the 2008-09 crisis ushered in ultralow rates, current conditions may signal a return to pre-crisis norms. Investors remain hesitant to buy longer-term bonds given the risk rates could move much higher, even without immediate Fed action.

"Basically, this is a normalization," said Robert Tipp, chief investment strategist at PGIM Credit. The 30-year U.S. Treasury bond topped 5.3% for the first time since 2007, while the 10-year yield approached its highest level since early 2025.