The 10-year U.S. Treasury yield topped 1.65% early on Wednesday, hitting a new 13-month high, ahead of a press conference with Federal Reserve Chairman Jerome Powell following the central bank’s two-day policy meeting.

The yield on the benchmark 10-year Treasury note rose more than 2 basis points to 1.65% at 7 a.m. ET. The yield on the 30-year Treasury bond climbed about 1 basis point to 2.396%. Yields move inversely to prices (1 basis point equals 0.01%).

Wednesday’s early move in the 10-year exceeded its recent high on Friday of 1.642% and reached levels not seen since early February 2020 just as the pandemic was starting to hit markets.