Treasury yields rise at the start of June, with inflation and rate hikes in focus

The U.S. 10-year Treasury yield climbed Wednesday on the first day of June, with investors focused on rising inflation and interest rate hikes.

The yield on the benchmark 10-year Treasury note gained 7.5 basis points to 2.919% as of 4:08 p.m. ET. The yield on the 30-year Treasury bond moved 1 basis point higher to 3.069%. Yields move inversely to prices and 1 basis point is equal to 0.01%.

Treasurys

TICKER	COMPANY	YIELD	CHANGE
US1M	U.S. 1 Month Treasury	5.364%	-0.006
US3M	U.S. 3 Month Treasury	5.395%	-0.001
US6M	U.S. 6 Month Treasury	5.388%	-0.001
US1Y	U.S. 1 Year Treasury	5.222%	+0.011
US2Y	U.S. 2 Year Treasury	4.974%	+0.021
US10Y	U.S. 10 Year Treasury	4.538%	+0.065
US30Y	U.S. 30 Year Treasury	4.652%	+0.075

Rising prices around the world remain a key concern for investors, with euro zone inflation hitting 8.1% in May, according to data released on Tuesday.

The effect of central bank interest rate hikes on economic growth also continues to worry investors. Federal Reserve Governor Christopher Waller said in remarks delivered in Frankfurt, Germany, on Monday that he isn't "taking 50-basis-point hikes off the table" until he sees inflation come back closer to the central bank's 2% target.

Will Hobbs, chief investment officer at Barclays Wealth & Investments, told CNBC's "Squawk Box Europe" on Wednesday that looking at a number of inflation forecasts for a year from now, "the range from top to bottom is as wide as we've seen since the early 80s."

"So you've got that huge uncertainty about the inflation outlook, people are just not yet sure quite whether central banks are going to do enough, whether we're in this new paradigm for inflation and that creates extra uncertainty on top of a global economy which is being buffeted by gigantic forces," he said.