US 5-year yield hits 2% for the first time in five years
You can get a bit of return in the belly of the curve once again.
The 5-year yield is up 10 basis points today and is above 2% for the first time since April 2011.
The bond market has always been skeptical of hawkish Fed talk but this time it's actually starting to believe. With the ECB and BOJ capping competing yields, the rise is a strong signal about faith in the Fed. It's also a great sign of the US dollar.
