30-year Treasury yield tops 5.33%, new 19-year high on inflation, spending concerns– www.cnbc.com

Treasury yields rose on Tuesday, with long-dated fixed income hitting their highest level in more than two decades amid a worsening U.S. fiscal situation and persistently higher inflation.

The yield on the U.S. 30-year Treasury added more than 1 basis point to trade at 5.323%%, nearing the highest level since 2002.

The 10-year Treasury note yield — the main benchmark for mortgages, auto loans and credit card debt — was less than 1 basis point higher at 4.732%.

The yield on the 2-year Treasury note, which typically reacts in line with short-term Federal Reserve interest rate decisions, edged up less than a basis point to 4.186%.

One basis point equals 0.01%, and yields and prices move inversely to one another.

The moves follow news that the U.S. fiscal deficit jumped to $432.3 billion in July, its highest monthly total since March 2021, pushing the year-to-date shortfall to nearly $1.8 trillion. Interest paid to finance the nearly $40 trillion national debt has cost the government about $1.2 trillion this year.