US Treasury yields rose across the curve as oil prices surged ahead of the Federal Reserve's rate decision.

The Kobeissi Letter said on September 14 that the yield on the 10-year US Treasury note had climbed above 5%, its highest level since October 2023. The 10-year yield is a key market benchmark that influences mortgage rates, auto loans and credit-card borrowing costs.

The policy-sensitive two-year yield also rose more than 2 basis points, with one basis point equal to 0.01 percentage point, to 4.666%. It had already climbed last week to its highest level since July 2024.

Longer-dated yields extended their gains as well. The 30-year Treasury yield, which is influenced by geopolitical risks and long-term inflation expectations, rose 2 basis points to 5.374%.