By Vivien Lou Chen
Treasury yields jumped Tuesday morning after U.S. data showed labor costs rose at the fastest pace in more than a year during the first quarter, throwing doubt on expectations for 2024 interest-rate cuts.
The policy-sensitive 2-year rate burst through the 5% level, rising by up to 5.7 basis points to as high as 5.03%, according to FactSet data. It appeared to be heading for its highest level since November.
Meanwhile, the 10-year yield rose 4.8 basis points to 4.66%, while the 30-year rate was up 3.4 basis points at 4.77%.