(Bloomberg) -- Most US Treasury yields climbed to new year-to-date highs โ and the 2-year note's approached 5% โ after stronger-than-estimated retail sales data further eroded investor confidence in Federal Reserve interest-rate cuts beginning this year.
The benchmark 10-year note's yield rose as much as 10 basis points to 4.62%, the highest level since Nov. 14, after March retail sales rose more than economists estimated and February's increases were revised higher.
Expectations for monetary policy have been shifting toward a later start to Fed rate cuts, which officials have said requires a higher degree of confidence that inflation is on a sustainable path back toward their 2% target. Traders are no longer fully pricing in a rate cut before November, while at the start of the year, cuts beginning in March were fully priced in.ย
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