U.S. Treasuries widen their decline due to Alphabet's bond issuance plan and reports related to the Federal Reserve's interest rate hikes.

U.S. Treasury bonds faced pressure in early trading in New York. Alphabet announced the launch of a 10-part bond issuance, which dragged down the long end of the yield curve and pushed the 2s10s and 5s30s spreads to intraday highs. On the short end, reports indicate that if inflation data released in the coming weeks is hotter than expected, Federal Reserve Chair Kevin Walsh "will be prepared to raise interest rates at the September meeting." Following the report, short-term U.S. Treasury yields rose. U.S. Treasury yields across the board increased by 3 to 4 basis points, with long-term bonds leading the declines. The 2s10s and 5s30s curves steepened by about 1 basis point, reaching their widest intraday levels. The yield on the 10-year U.S. Treasury rose to about 4.65%, up 3.5 basis points on the day.