(Bloomberg) -- Treasury two-year notes were set to be sold today at the second-highest yield at an auctionof the security since 2011 on speculation the Federal Reserve will raise interest rates before the debt matures.

Benchmark 10-year note yields touched the highest level in more than two weeks as a report showed the Richmond Fed manufacturing index rose more than forecast in April, reinforcing the central bank’s view that the economy is improving and stimulus cuts are warranted. The two-year securities have returned 0.3% this year through yesterday, compared with 1.9% for the broader Treasury market, according to Bank of America Merrill Lynch indexes.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access