(Bloomberg) -- The two-year US Treasury yield climbed back toward last month's peak amid a selloff in global bond markets as rising oil prices rekindled worries about inflation. That short-term yield, which closely tracks expectations for the Federal Reserve's monetary policy, rose as much as five basis points to 4.23%, within a basis point of its June 22 peak. That was the highest since February 2025. The 10-year yield climbed as much as four basis points to 4.59%, the highest since late May.