The 10-year Treasury yield, the benchmark for U.S. government borrowing, rose more than 1 basis point in early trade to 4.3979% and 2-year yields also rose. This comes as President Donald Trump announced plans to use military forces to guide commercial vessels through the Strait of Hormuz, potentially using a combination of land and sea-based aircraft, missile destroyers and 15,000 troops. The rise in borrowing costs came as events in the Middle East also highlighted. The Institute for Supply Management's April manufacturing index was released, showing an unchanged level of activity and a potential rebound in demand for manufactured goods in March.