US Treasuries came under renewed selling pressure on Wednesday, driving yields on the benchmark 10-year note and 30-year bond to fresh 24-year highs as a jump in oil prices above $100 reignited worries that inflation may prove more stubborn than expected.
In late morning trading, the benchmark 10-year yield climbed 4.4 basis points (bps) to 5.316% after hitting a 24-year peak of 5.364%. US 30-year yields also touched a 24-year high and were last 5.5 bps higher at 5.696%.
On the shorter end of the curve, US 2-year yields, which reflect interest rate expectations, were down less than a basis point at 4.783% US2YT=RR. Rising yields suggest Treasury prices are lower.