Traders have renewed bearish bets on US Treasuries, lifting expectations that the Federal Reserve will raise interest rates as oil prices and inflation push higher.

The hawkish shift has rippled across maturities. At the short end of the curve, interest-rate swaps have resumed pricing a quarter-point rate hike by the middle of next year. Long-dated Treasuries are also under pressure as traders are betting on yields to sustain a move above 5%.