The yield on 30-year US government debt hovered around 5% after breaching the key level for the first time this year — suggesting pressure in the world’s biggest bond market isn’t letting up.

It’s a threshold that carries special importance, and traders are watching for signs it’s becoming a floor. The yield was 5.00% shortly after 11 a.m. in New York after hitting 5.03% on Monday, the highest level since July.