The 2-year Treasury yield, which is sensitive to expectations around where the Federal Reserve will set its own key borrowing rate, increased slightly to 5.129%. The 10-year Treasury yield was last up just over 9 basis points to 4.781%. The 30-year Treasury yield rose as high 4.874%, also the highest since 2007. The 10-year Treasury yield, which serves as a benchmark for mortgage rates and as an investor confidence barometer, on Tuesday surged to its highest level since 2007. "Now the Wild Bunch seems to have taken full control of the Treasury market; we're watching to see if the high-yield market is next," he added.