(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 banks 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.
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