The yield on the benchmark 10-year Treasury note was last up 12 basis points to 3.495%, after breaking above 3.45%. That marks a high not seen since April 2011.

Meanwhile, the 2-year yield jumped 17 basis points to 3.452% and was on pace for its highest close since November 2007, while the 30-year Treasury bond was last up 7 basis points to 3.438%. Yields move inversely to prices, and a basis point is equal to 0.01%.

After ending May at 2.74%, the 10-year yield has rocketed higher this month as hot inflation readings caused investors to dump bonds and ratcheted up their bets for aggressive Fed tightening. The 10-year is also up sharply from where it started 2022 at — 1.51%.

“The Federal Reserve is still way behind where the market is bringing rates,” said Timothy Lesko of Mariner Wealth Advisors. “Even if the Federal Reserve were to raise by the now expected 75 basis points and a couple of 50 or 75 basis point increases the market is ahead of the Fed pretty significantly.”