Treasury Yields Keep Climbing. The 30-Year Note Reached a Multi-Decade High.

Treasury yields keep rising on Thursday, with the 30-year note reaching 5.425%, its highest level since 2004.

The benchmark 10-year yield also climbed, reaching 5.139%, getting close to the July 2007 high.

The broader markets are also falling as inflationary pressures continue to climb. In this context, two members of the Federal Reserve anticipated the possibility of further interest rate hikes to tame prices.

Federal Reserve Governor Michael Barr said on Wednesday that "further policy adjustments are likely to be needed" to reduce price increases.

"Economic growth is strong and the labor market is solid, but inflation is above our 2 percent target and not clearly trending toward target in a timely way," he added. "Moreover, risks to achieving our inflation target have increased, while risks to the labor market have receded."

Elsewhere, Boston Federal Reserve President Susan Collins said she supported last week's rate hike and anticipated the potential needs for more moves of the kind.

In a LinkedIn post, Collins said she now sees "an increased likelihood of future scenarios in which inflation remains notably above 2 percent."

She went on to say that, on the flip side, "labor market conditions seem a bit stronger overall, and the unemployment rate remains low" even though "experiences vary considerably by place and sector."

"With the labor market on a better footing, monetary policy can focus on a timely return to price stability, especially after five and a half years of too high inflation. A somewhat more restrictive federal funds rate will help ensure that inflation durably returns to target," she claimed.

New York Fed President John Williams also weighed in on the matter, saying it would be "reasonable" to expect another rate hike before the year ends.

"That seems to me a reasonable way of thinking about it. But we have to see. We're going to collect the data and do what we did between July and September," Williams said at the London Macro Policy Forum.

The Fed delivered the widely expected rate hike last week in a unanimous decision. Fed chair Kevin Warsh also struck a hawkish tone in his press conference following the decision, saying the FOMC's "predominant focus is on the price stability side of our mandate." "The plain fact is that inflation is too high, and has been for too long," he added.