U.S. Treasury yields shifted slightly lower Wednesday, days after the rate on the 10-year note hit its highest level in more than two months.
The 10-year Treasury yield's jump to 4% on Monday came after last week's stronger labor market readings, and follows on from the Federal Reserve's rate cut last month.
The 10-year Treasury yield was 2 basis points lower at 4.013% Wednesday morning. The 2-year Treasury slipped over 2 basis points to 3.952%.
Yields move inversely to prices. One basis point equals 0.01%.
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The rebound in rates has been attributed mostly to a resetting of rate-cutting expectations, with rising oil prices owing to geopolitical tensions in the Middle East, and a stimulus plan in China also raising concerns that inflationary pressures will return, perhaps driving some investors away from bonds and, in turn, raising yields.
September's inflation reading is due Thursday. The U.S. Federal Reserve next decides on rates on Nov. 7, two days after the U.S. election. The October jobs report will be out the week before, on Nov. 1.
— CNBC's Lisa Kailai Han, John Melloy and Karen Gilchrist contributed to this report.
