Treasuries slid and yield-curve premiums shrank to the lowest in almost two years amid increased speculation the Federal Reserve will deliver more than a quarter-percentage point rate hike in March.
Rates across the curve were higher by at least six basis points in U.S. afternoon trading, led by the five-year, which climbed as much as 9.7 basis points. Ten-year Treasury yields touched the highest since January 2020 and the gap between five- and 30-year yields briefly fell below 50 basis points for the first time since March 2020, when the Covid-19 pandemic began.
