U.S. Treasury yields rise amid global bond pressure and inflation concerns

U.S. Treasury yields edged higher on Monday as pressure on global government bonds resumed, amid higher oil prices and inflation fears.

The 10-year U.S. Treasury note yield —the key benchmark for mortgage borrowing, auto loans and credit card debt — was up more than 3 basis points at 5.219%.

The longer-dated 30-year Treasury bond yield, which is more sensitive to geopolitical risks, was 2 basis points higher at 5.529%.

The 2-year Treasury note yield, which tends to react in line with short-term Federal Reserve interest rate decisions, moved up by more than 5 basis points to 4.916%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Bond yields elsewhere also moved higher as anxiety surrounding global government debt and sticky inflation continue to weigh on investors.

The yield on 10-year U.K. government bonds , known as Gilts, was 4 basis points higher, at 5.408%, while German 10-year Bund yields, considered a benchmark for eurozone debt, were last seen holding steady at 3.6277%.

Both French 10-year government debt and Japan's 10-year bond yield were more than 1 basis point higher early Monday.

The moves follow a volatile week for Treasurys. The benchmark 10-year note yield on Thursday reached its highest rate since June 2007 before easing, while the yield on the 30-year Treasury bond touched levels not seen since 2004.

As global oil prices moved higher on Monday — with West Texas Intermediate futures rising 4% to $96.13 a barrel — investors are looking ahead to a flurry of fresh domestic economic data releases this week.

The latest monthly nonfarm payrolls data and unemployment rate are due out later in the week, following the core PCE index and latest quarterly GDP growth print. Before that, August's JOLTS report, expected Tuesday, is forecast to show job openings dipped slightly to 7.24 million month-over-month from 7.27 million in July.