The treasury yields in the US advanced, tracking the rise in oil and the resulting flight to risk assets ahead of the US Q4 GDP and personal spending report. At the time of writing, the yield on the US 10-yr treasury yield was up almost four basis points at 1.735%. The 2-yr yield, which mimics short-term rate hike bets, was up two basis points at 0.742%. Yields rose following a risk-on action in the European equities. Talk of OPEC and non-OPEC meeting in March regarding production freeze pushed oil higher and helped yields climb. Yields usually follow oil, given it affects inflation expectations. Traders could look through the US GDP report if the growth rate is left unrevised. The forward looking personal spending report is more likely to influence the treasury yields. For more information, read our latest forex news.