What happened: Long dated bonds stayed elevated on Thursday as oil prices jumped.
What's behind the move: The 10-year Treasury yield (^TNX) rose to 4.91%, hitting its highest level since 2023. Meanwhile, the 30-year Treasury (^TYX) yield climbed to 5.35%.
Treasury prices, which move inversely to yields, were under pressure as Brent (BZ=F) crude oil jumped to $105 and wholesale inflation advanced largely in line with expectations
What else you need to know: The market has increasingly been pricing in a Fed rate hike when policy makers meet next week.
Interventions from Treasury Secretary Scott Bessent, including an upsized bond buyback have done little to bring long dated yields lower.