Shares of banks and financial services companies, including Wells Fargo & Company WFC and Bank of America Corporation BAC, are trading higher amid a rise in yields.

The recent Fed remarks indicating the Fed sees inflation as too high and will work to curb further inflation has also lifted the rate hike outlook.

The 10-year Treasury yield hit an intraday high of 2.375% Tuesday morning.

Wells Fargo provides banking, investment, mortgage, and consumer and commercial finance products and services in the United States and internationally.

Wells Fargo shares were trading about 5.6% higher at $54 per share on Tuesday at the time of publication.

Bank of America provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide.

Bank of America shares were trading about 4.1% higher at $44.60 per share.