The yield on the 2-year Treasury note, which is sensitive to shifts in expectations for Federal Reserve policy, rose for the fourth day on Thursday, its longest winning streak in 2 months.
The yield rose to a high of 1.388% yesterday after the better-than-expected US consumer price index [CPI] strengthened the case for one more rate hike this year in December.
The data from the CME shows, traders are pricing in a 50% chance for a quarter of a percentage-point rate increase for the first time since early July.
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