Treasury yields began the week as they finished the last, edging up toward levels seen in November as inflation jitters curb the demand for US debt.

Benchmark 10-year yields were within striking distance of the year-to-date high of 4.20% reached earlier this month, climbing as much as three basis points to 4.18% in Asia trading.

Investors are reluctant to buy bonds with so many policymakers still insisting there is more work to do get inflation back below target. An increase in Treasury issuance as the US government contends with mounting deficits is also weighing on sentiment.

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“The dominant theme in markets in the near-term seems to be a greater focus on both inflation risks from the recent rise in oil and commodity prices, coupled with a pricing out of recession risks,” Michael Wan, analyst at MUFG Bank, wrote in a note. There’s “a bias toward higher long-end US yields.”

Even one-time bond king Bill Gross sees US debt as “overvalued” and estimates fair value for 10-year Treasuries at 4.5%.

The rise in Treasury yields along with concerns over China’s property sector also boosted the dollar, which rose against most Group-of-10 and Asian currencies on Monday.