The benchmark 10-year Treasury yield climbed to its highest level since 2007 on Tuesday as a sell-off in U.S. government debt deepened ahead of the Federal Reserve's interest-rate decision.

The 10-year yield jumped more than 6 basis points to 5.025% as of 1.10 a.m. ET. On Monday, the 10-year yield had briefly crossed 5%, before sliding a little.

One basis point equals 0.01 percentage point, and yields and prices move in opposite directions.

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