Treasury yields rise as traders strengthen Fed rate hike bets

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Treasury yields edged higher on Friday as investor expectations for a December rate hike by the Federal Reserve gathered strength. The 10-year U.S. Treasury note yield — the key benchmark for mortgages, auto loans and credit card debt — rose 1 basis point to 5.1230%. The longer-dated 30-year Treasury bond yield, which tends to react to geopolitical risks, was 2 basis points higher at 5.4516%. The 2-year Treasury note yield, which is typically more sensitive to short-term Federal Reserve interest rate decisions, was 1 basis point lower at 4.8589%. One basis point is equal to 0.01%, and yields and prices move in opposite directions.