NEW YORK, July 1 (Reuters) - Benchmark 10-year Treasury yields rose Monday to their highest levels since mid-June at the start of a holiday-shortened week that will likely be marked by low trading volumes.

The jump in yields, which move in the opposite direction of prices, came after the first round of voting in France's national elections suggested that Marine Le Pen's National Rally (RN) scored a win smaller than some polls had expected on Sunday.

At the same time, U.S. President Joe Biden's widely panned debate performance last week may be prompting investors to price in a greater likelihood that former President Donald Trump will prevail in the November presidential election, putting additional pressure on Treasuries, said Thierry Wizman, global forex & rates strategist at Macquarie Group.

"For a variety of reasons having to do with fiscal policy, tariff policy, and immigration policy, we do believe that a prospective Trump administration in 2025-2028 will be more inflationary than a Biden administration," he said.

The yield on the benchmark U.S. 10-year Treasury note rose 10.8 basis points to 4.451%. The yield on the 30-year bond rose 11.1 basis points to 4.613%.

The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, rose 6.7 basis points to 4.787%.

Trading will close early Wednesday and the bond market will be closed Thursday due to the Fourth of July holiday.

A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, was at a negative 33.8 basis points. (Reporting by David Randall; editing by Jason Neely)