U.S. government debt yields notched new highs Thursday amid of a slew of new economic data that provided more evidence of inflation pressure.
The yield on 10-year U.S. Treasury touched a fresh four-year high of 2.944 percent, above the levels which sparked a stock market sell-off in recent weeks. The 2-year Treasury yield hit a high of 2.213 percent, its highest level since September 2008, when the 2-year yielded as high as 2.217 percent.
The 5-year yield also hit a high, touching 2.687 percent, its highest level since April 2010 when the 5-year yielded as high as 2.702 percent.
The yield on the benchmark 10-year Treasury note slipped from its highs to 2.904 percent at 9:23 a.m. ET, while the yield on the 30-year Treasury bond also off session highs at 3.148 percent. Bond yields move inversely to prices.
The rise comes amid inflation data, which showed that the producer price index (PPI) increased 0.4 percent last month, with core PPI — excluding volatile food and energy prices —also up 0.4 percent, according to the Labor Department.