U.S. government debt yields rose Monday after the U.S. Senate reached a short-term compromise to fund the government.
The yield on the benchmark 10-year Treasury note was higher at around 2.661 percent at 2:46 p.m. ET, while the yield on the 30-year Treasury bond was higher at 2.927 percent. Bond yields move inversely to prices.
Earlier, the 2-year yield hit a high of 2.082 percent, its highest level since Sept. 29, 2008, when the 2-year yielded as high as 2.128 percent. Meanwhile the 10-year yield hit a high of 2.672 percent, its highest level since Jul. 3, 2014, when it yielded as high as 2.692 percent.
On Monday, Democratic and Republican senators struck a deal to keep the government funded until Feb. 8. The short-term agreement comes after a weekend on intense debate on Capitol Hill, with Democrats arguing that the legislative body ought to make immigration policy a priority.
Once the measure clears the Senate, it would move to the House, where if it gets approval, it would go to President Trump's desk.
News of the compromise came as Senate Minority Leader Chuck Schumer, D-NY, announced that Democrats had received promises from GOP leadership for immediate discussion on immigration policy.
—CNBC's Jacob Pramuk and Fred Imbert contributed to this report