US 10-year Treasury yield hits 5.041% on rate hike bets

The US 10-year Treasury yield rose to 5.041% on Tuesday, hitting its highest level since July 2007 amid rising crude prices.

Traders have priced in a more than 90% chance of a Federal Reserve rate hike at its upcoming September meeting due to higher-than-expected inflation.

Elevated crude oil prices and ongoing disruptions in the Middle East continue to add cost pressures for companies and consumers.