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Bonds Hit Session Highs as Oil Continues to Soar

Treasury debt prices hit session highs as stocks extended losses after oil prices jumped to record peaks above $123 per barrel.

The record oil price fueled worries that soaring energy costs will crimp the consumer and hobble the overall economy.

Benchmark 10-year Treasury notes were trading 5/32 higher in price for a yield of 3.90 percent from 3.92 percent late Tuesday, while 2-year notes were trading 2/32 higher in price for a yield of 2.37 percent from 2.40 percent.