The yield on the U.S. 2-year Treasury note added 2 basis points early Wednesday, as oil prices hovered above the $100 mark and inflation fears continued to mount.
The 2-year note — typically more sensitive to near-term policy expectations — was trading at 4.413% shortly after 5:30 a.m. ET.
The yield on the benchmark 10-year Treasury note was unchanged, while longer-dated 20- and 30-year Treasury yields were marginally lower.
One basis point equals 0.01%. Bond prices move inversely to yields.
Wednesday morning saw international benchmark Brent crude futures rise above the $100-per-barrel mark for the first time since late July. U.S. West Texas Intermediate futures also extended gains on Wednesday, adding more than 2% to trade at around $95 a barrel.