India, Sept. 29 -- US Treasury yields have climbed sharply, putting the bond market under pressure. US Treasury bonds are on track for their worst September performance since 2023, with investors closely watching rising yields and the impact of higher oil prices.

The 10-year Treasury yield was at 5.24% on Tuesday. The 10-year Treasury yield is especially important because it is used as a benchmark for mortgage rates and many other borrowing costs. Other Treasury yields are also staying high. The 30-year Treasury yield was near 5.56%, while the 2-year yield was around 4.93% on Tuesday.

Longer-term Treasury yields have reached multidecade highs in recent weeks. The rise has added pressure to the bond market as investors demand higher retu...