The rising caution at the Federal Reserve amid global turmoil showed by the Fed minutes failed to weigh over treasury yields, which continue to follow oil prices higher. A minor dip from the daily highs following the minutes release was quickly undone. At the time of writing, the 10-yr yield traded more than six basis points higher at 1.84%. The 2-year yield, which mimics short-term rate hike bets, was up more than 3.5 basis points at 0.758%. Fed minutes showed policymakers are concerned about the rising downside risks to the US economy, but are still expect inflation to rise to 2% over the medium term. Policymakers also cheered labor market strength. Furthermore, oil prices are up more than 6% on increased possibility of a OPEC and non-OPEC production freeze. Consequently, treasury yields remained resilient as continues recovery in oil prices could push up inflation expectations. For more information, read our latest forex news.