US yields at 2008 levels on interest rate fear

US Treasury yields hit a peak not seen since the early tremors of the 2007-2008 global financial crisis on Tuesday, as fears of interest rates staying high for longer roiled risk assets globally and drove the dollar to a 10-month high.

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Asian and European stock benchmarks sagged, with US equities set to follow suit, and crude oil prices dipped on recent remarks from Federal Reserve officials that drove a bearish steepening of the US yield curve.

The benchmark STOXX index of 600 European shares slid 0.5%, in line with an earlier fall in MSCI's broadest index of Asia-Pacific shares.