Yields on US government debt rose to their highest levels in two weeks on Monday as stubborn inflation and a jump in manufacturing activity tempered expectations for interest rate cuts in 2024.
Benchmark 10-year Treasury note yields rose 0.13 percentage points to 4.32 per cent, while those on two-year Treasuries, which are sensitive to interest rate policy, rose 0.09 percentage points to 4.71 per cent.
At current levels, the jump in yields — which move inversely to price — would respectively rank as 2024’s third- and fifth-largest increases for the two-year and 10-year bonds, according to LSEG data.
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