(Bloomberg) -- Treasury 10-year yields climbed to the highest level in more than two years as signs of a quickening recovery boosted speculation the Federal Reserve will keep reducing debt purchases.

The benchmark 10-year yield reached 3% for the first time in three months as the Federal Open Market Committee reinforced its commitment last week to keeping interest rates low while announcing it will start reducing bond purchases from January. Two-year notes, which aren’t included in the Fed’s monthly program of asset buying, headed for a fifth weekly decline. Citigroup Inc.’s Economic Surprise Index, which measures if data surpasses or falls short of market expectations, climbed yesterday to the highest level since October.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.