Treasury yields climb as traders increase bets on a Federal Reserve rate hike

U.S. Treasury yields moved higher as trader expectations for a Federal Reserve rate hike grew stronger. The 10-year Treasury note yield rose to 5.1271%, while the 30-year bond yield increased to 5.4602%. The upward movement follows significant jumps in yields during the previous session. Traders are currently pricing in high odds for a rate increase at the upcoming Federal Reserve meeting, alongside market focus on upcoming producer price index data and energy inflation.