New Delhi, Sept. 14 -- The US 10-year Treasury yield, a benchmark for mortgage and auto loan rates, climbed two basis points to 5%, its highest level since October 2023, as rising crude oil prices fuelled expectations that the Federal Reserve and other central banks could keep interest rates higher for longer.

The rise in yields was also evident at the shorter end of the curve. The 2-year Treasury note yield, which is more sensitive to the Federal Reserve's short-term interest rate policy, advanced more than two basis points to 4.666%, after touching its highest level since July 2024 last week.

Yields on longer-dated bonds also rose, with the 30-year Treasury yield gaining two basis points to 5.374%. The sell-off in Treasuries reflects ...