Treasury yields resume climb as traders monitor inflation risks

Treasury yields resumed their march higher on Thursday, with borrowing costs rising across the curve as investors' attention returned to the inflationary pressures facing the U.S. economy. The 10-year U.S. Treasury note yield — the main benchmark for mortgages, auto loans and credit card debt — increased by more than 3 basis points on Thursday morning to reach 4.6014%. Meanwhile, the longer-dated 30-year Treasury bond yield, which is more sensitive to political risks, advanced more than 1 basis point to 5.1334%. The 2-year Treasury note yield, which typically is more sensitive to short-term Federal Reserve interest rate decisions, was up by more than 3 basis points at 4.0746%. One basis point is equal to 0.01%, and yields and prices move in opposite directions. Thursday's hike in borrowing costs follows a sharp pull-back during the previous session, which came after global bond yields touched multi-decade highs earlier in the week on the back of renewed inflation fears. The U.S. 30-year yield slipped more than 6 basis points on Wednesday, with the 10-year Treasury yield plunging more than 9 basis points on the day. The respite came as investors absorbed minutes from the April 27-28 Federal Open Market Committee, which showed that a majority of Fed officials anticipate interest rates rising should the Iran war drive inflation higher. Oil prices edged higher on Thursday, as events in the Middle East continue to weigh on shipping and energy markets. U.S. …