(Bloomberg) -- The two-year Treasury note’s yield climbed to its highest level since December as expectations for Federal Reserve interest-rate cuts this...
-- The two-year Treasury note’s yield climbed to its highest level since December as expectations for Federal Reserve interest-rate cuts this year continued to erode, with traders dropping the odds of a June rate cut to less than 50% and economists at Goldman Sachs Group Inc. revising their forecast.The US two-year yield rose only as much as 2 basis points from Friday’s closing level, but reached 4.749%, the highest level since Dec. 11.
“There is still way too much liquidity out there,” Michael Contopoulos, director of fixed income at Richard Bernstein Advisors, said. “Financial conditions are easing, credit is flowing freely, unemployment is low and inflation is stubborn, earnings growth is accelerating and speculation is rampant. This is not an environment conducive to cutting interest rates.”
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