Short-term Treasury yields jumped to new multiyear highs on Tuesday as traders returned from the extended Presidents Day weekend and priced in expectations for higher-for-longer U.S. interest rates this year.
What happened
The yield on the 2-year Treasury
TMUBMUSD02Y,
4.724%
jumped 10.8 basis points to 4.729% from 4.621% on Friday. That’s the highest level since July 24, 2007, based on 3 p.m. figures from Dow Jones Market Data. Yields move in the opposite direction to prices.
The yield on the 10-year Treasury
TMUBMUSD10Y,
3.955%
climbed 12.6 basis points to 3.953% from …