The yield on two-year Treasury notes has hit a level not seen since 2001, a big gamble by traders that the Fed is done cutting rates.
According to Bloomberg "Ten-year note yields climbed a fifth straight week as crude oil set a record high, fanning concern that rising prices for food and energy will cause inflation to accelerate." That means the money guessing that the Fed is done is built into both the longer-term and short-term bonds.
Enough said.
Douglas A. McIntyre
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