Treasury Yields Extend Gains

Treasury yields rise, with the 10-year on path for a fourth consecutive daily gain. “The backup in yields is likely to continue as the market adjustment from overbought market condition,” Spartan’s Peter Cardillo says in a note. He expects demand for Treasurys to resume once the 10-year yield reaches 4.05%. Fed-funds futures, however, are still betting on a fast pace of interest rate cuts starting in March. The 10-year yield is at 3.982% and the two-year at 4.358%.