(Bloomberg) -- The yield on the benchmark two-year Treasury note climbed to 3.5% for the first time since 2007 as traders priced in more Federal Reserve policy tightening.
The two-year rate rose one basis point to 3.5052%. The last time it was higher was in November 2007. Swaps markets indicated a firming of expectations for how much near-term tightening officials might do, and a paring back of expectations for a potential re-easing of policy in 2023.
Federal Reserve officials have signaled the US central bank is likely to keep raising interest rates and leave them elevated for a while to stamp out inflation, and they have pushed back against any idea that the Fed would soon reverse course.
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