The 10-year Treasury yield climbed six basis points to 4.85% Wednesday, its highest since October 2023, as Brent crude above $100 revived inflation fears ahead of next week’s Fed meeting.

The move held even after the Treasury Department tripled Thursday’s buyback to $6 billion of off-the-run notes and bonds.

The 2-year rose to 4.43% and the 30-year sits at 5.30%.

Thus far this year, the iShares 7-10 Year Treasury Bond ETF (NASDAQ:IEF) has dropped by 5%.

Traders are pricing roughly a 60% chance of a 25-basis-point hike at the Federal Open Market Committee (FOMC) meeting on Sept. 16.

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