U.S. Treasury yields climbed to multiyear highs on Thursday as oil prices returned above $100 a barrel, reviving concerns that higher energy costs could fuel inflation and influence future interest-rate decisions.
The 10-year Treasury yield rose nearly 10 basis points to 4.938%, its highest level since October 2023. The 2-year yield reached 4.56%, its highest since July 2024, while the 30-year yield climbed above 5.34%. Bond yields and prices move in opposite directions.
The increase came despite August wholesale inflation data showing a 0.4% rise, in line with expectations. Core wholesale prices increased 0.2%, slightly below forecasts.
Investors also absorbed the Treasury Department’s plan to buy back $6 billion of longer-term government debt. A strong 30-year bond auction provided some support but did not reverse the broader yield increase.
Markets are now focused on Friday’s consumer inflation data and next week’s Federal Reserve meeting for clues about the outlook for interest rates.
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Treasury yields hit multiyear highs on Thursday as traders digested U.S. oil prices crossing $100 per barrel again, overshadowing a tame inflation report.
— CNBC (@CNBC) September 10, 2026
The 10-year U.S. Treasury note yield — the key benchmark for mortgage borrowing, auto loans and credit card debt — was up… pic.twitter.com/M5NZ7mtZGa
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