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Short-term U.S. government bond yields are trading around their highest levels in 14 months.

The yield on the two-year Treasury note recently traded around 0.258%, according to Tradeweb. That’s down from 0.260% at Wednesday’s close, the highest since April 2020.

The yield on the two-year note, which tends to swing with expectations for monetary policy, has jumped since Federal Reserve officials last week signaled that they expect to raise benchmark rates sooner than previously anticipated.

For much of the past year, the two-year yield traded within a range around 0.15%, despite some investors’ expectations for a surge in inflation that could prompt the central bank to eventually tighten monetary policy. Now some Fed officials have indicated that rates could rise as early as 2022.

Analysts and investors now expect the two-year yield to stabilize at these levels. Some say that the recent jump in short-term yields may have been spurred by…

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