U.S. Treasury yields were off their highs Monday afternoon but remained elevated after Moody’s downgraded the U.S.’s credit rating. Rates hit key levels that have pressured financial markets recently.

The 30-year Treasury yield hit a high around 5.03%, reaching levels not seen since November 2023. The yield last traded at 4.921%, up 2 basis points. The 10-year yield also climbed 2 basis points to reach 4.459%. Meanwhile, the 2-year Treasury yield shed 1 basis point to 3.972%.

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