Treasury yields move higher as volatile week wraps up

The yield on the benchmark 10-year Treasury climbed back above the 5% level, rising more than 5 basis points at 5.004%. The yield on the 2-year Treasury note gained more than 5 basis points at 4.743%, while 30-year Treasury yields rose 4 basis points to trade at 5.336%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Fed Chairman Kevin Warsh said during a press conference on Wednesday that inflation has been “too high … for too long,” while the central bank’s dot plot data indicated that the majority of officials expected another rate increase.

Yields pulled back across the curve in the aftermath of the rate hike announcement.

Earlier this week, the yield on the 10-year Treasury hit 5.041%, its highest level since 2007.