10-year Treasury yield climbs above 3%

The 10-year Treasury yield climbed above 3% for the first time in a month as investors looked ahead to the Jackson Hole economic symposium.

The yield on the benchmark 10-year Treasury note gained about 4 basis points to 3.031% at 4:02 p.m. ET, climbing above 3% level for the first time since July 21.

Meanwhile, the yield on the 30-year Treasury bond advanced 1 basis point to 3.235%. Yields move inversely to prices, and a basis point is equal to 0.01%.

The yield on the short-term 2-year Treasury note rose roughly 6 basis points to trade at about 3.32%.

Those moves come ahead of what could be a volatile week of trading. Investors are anticipating U.S. Federal Reserve Chairman Jerome Powell’s latest comments on inflation at the central bank’s annual Jackson Hole economic symposium.

Yields fell and then rose at the end of last week as markets mulled over the Fed’s released July meeting minutes. The Fed indicated that it would continue hiking rates until inflation slows down significantly, although the central bank could soon decrease its pace of tightening.

— CNBC’s Patti Domm and Samantha Subin contributed to this article.