US government debt was under pressure on Tuesday as markets bet that the Federal Reserve would raise interest rates by 0.75 percentage points at the conclusion of its two-day policy-setting meeting on Wednesday.
The yield on the two-year Treasury note, which moves with interest rate expectations, rose as much as 0.1 percentage points to a 15-year high of 3.45 per cent, reflecting a fall in the debt instrument’s price.
The benchmark 10-year Treasury yield, which moves with growth and inflation expectations, rose by as much as 0.14 percentage points to an 11-year high of 3.5 per cent.
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