The yield on the US 10-year Treasury note continued to rise for a fourth consecutive session at the start of the final quarter of the year, reaching 5.33%, its highest level since early 2002. Meanwhile, the yield on the 2-year Treasury note, which is more sensitive to expectations for near-term Federal Reserve policy, rose to 4.91%. The 30-year Treasury yield, which is more sensitive to longer-term inflation expectations and fiscal and geopolitical risks, climbed to around 5.67%, also its highest level since 2002. The bond market remains under pressure from expectations that the Fed will have to tighten monetary policy further amid persistent inflationary pressures stemming from higher oil prices and the lack of a resolution to the conflict in the Middle East. Concerns over the US fiscal and debt outlook, alongside resilient economic data, are adding to upward pressure on Treasury yields. Traders have already priced in another Fed rate hike this year.