Traders Are Bracing for a Key Bond Sale. Yields Hit a New Multi-Decade High.

Bond yields have been climbing quickly over the past weeks. (Credit: AFP via Getty Images/Saul Loeb)

Treasury yields climbed again on Wednesday, hitting a new multi-decade high as traders brace for a key bond sale.

The benchmark 10-year Treasury gained almost 8 basis points during the session and hit 5.35%, the highest level since 2002. The 30-year note climbed further, also reaching the highest since the mentioned year.