The global bond selloff deepened as US Treasury yields climbed to multi-year highs. The 10-year yield reached about 5.2%, a 19-year high, while the 30-year touched around 5.5% — its highest level since 2004, according to Reuters.

Yields rise when bond prices fall. A resilient US economy, rising energy costs linked to the Iran conflict, and heavy government spending have pushed borrowing costs up. Investors worry inflation will stay elevated for longer.

The 10-year yield is a reference rate for mortgages, corporate debt and stock valuations. US 30-year mortgage rates now sit at about 7%, near their highest in two years. The selloff has spread worldwide, with UK government bond yields also near 19-year highs.

The Wall Street Journal reported that traders expect the Federal Reserve to keep rates higher for longer. This week’s PCE inflation data and the September jobs report could push yields even higher if they surprise on the upside.