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Investors analyze U.S. Treasury yields amidst economic data scrutiny

Treasury yields continued to rise on Tuesday, as traders reevaluated the possibility of the Federal Reserve cutting rates in June. The benchmark rate increased by more than 3 basis points to 4.361%, its highest level since November 28 and briefly surpassing 4.4%. Meanwhile, the 2-year Treasury note yield decreased nearly 3 basis points to 4.691%.

Yields and prices move in opposite directions, with one basis point equaling 0.01%. This latest movement in Treasury yields came after news that manufacturing in the U.S. expanded for the first time in 17 months. The Institute for Supply Management reported that the ISM manufacturing index rose to 50.3, up from 47.8 in February and surpassing the Dow Jones consensus estimate of 48.1. A reading above 50 indicates growth as it measures the percentage of companies reporting expansion against contraction.

Market odds for a June rate cut have decreased significantly following this news, as investors are now more cautious about the direction of rate cuts in the future following the unexpected return of manufacturing growth in the U.S., Dutch bank ING noted that markets interpreted this growth as reducing the likelihood of significant Fed rate cuts.”

Last month, the U.S central bank left interest rates unchanged for fifth consecutive time, as anticipated by many market analysts . The Fed maintained its benchmark overnight borrowing rate in a range of 5

By Samantha Jones

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