As the more hawkish central bank tones continue to percolate, we're seeing a continuation in the move in bonds from last week. Treasury yields are ramping higher today after a light breather yesterday and the key 2% mark for 10-year yields is drawing closer.
The December 2019 high at around 1.97% may help to provide a bit of a ceiling but the US inflation report on Thursday could be a trigger for yields to break higher so just be mindful of that.
Elsewhere, 2-year Treasury yields are also up over 3 bps today to just above 1.33%. To put things into context, it ended 2021 at 0.73%. That's a whopping 60 bps move already after the opening five weeks or so.
