As we have noted recently, there has been a sharp increase in Treasury yields across the entire yield curve. At the start of September, two-year notes were yielding 0.2%. As of the close on Monday, they were at 0.44%. The five-year note has risen from 0.78% to 1.16%, the 10-year bond has jumped from 1.31% to 1.64%, and the 30-year bond has popped from 1.92% to 2.09%. Both the two- and five-year note yields are at their highest since the pandemic began, when yields plummeted. As we have said, market rates are a great tell as generally they move before government rates (fed funds) do.
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