US Treasury Yields Near Multi-Decade Highs Amid Fresh Rate Hike Bets

US Treasury yields remained near multi-decade highs on Thursday as investor bets on another Federal Reserve rate hike increased. The 30-year Treasury yield was down less than 1 basis point to 5.399%, after touching around 5.44%, its highest level since 2004.

The benchmark 10-year Treasury yield fell more than 1 basis point to 5.10%, after hitting its highest level since July 2007 earlier in the session. The 2-year Treasury yield declined more than 4 basis points to 4.854%, though it remained close to a 2023 high.

The Federal Reserve Bank of Philadelphia President Anna Paulson said additional interest rate increases may be needed to ensure inflation returns to the central bank's 2% goal.