Mubasher: The United States government debt yields surged to new highs after data showed a rise in consumer prices yesterday, which makes it more likely for the Federal Reserve to raise interest rates.

The return on the 10-year treasury bonds reached 2.944%, its highest level in level in four years, as reported by CNBC.

Meanwhile, the 2-year treasury yield hit 2.213%, its highest level since September 2008, with the the 5-year yield touching 2.68%, its highest level since April 2010.