Treasury Yields Surge, Nearing March Highs, After US Growth Data

Treasury yields surged, sending two- and five-year rates to the highest levels since March, after the US first-quarter economic growth rate was revised higher.

The two-year Treasury yield rose as much as 13 basis points to 4.843% on expectations that the GDP numbers give the Federal Reserve room for additional interest-rate increases. The short-end rate peaked this year at 5.08% on March 8 and dropped back toward 3.50% later that month amid a collapse in US regional bank shares after several failed.