2-Year Note futures hit contract lows as yields jump 8 bps.

2-Year Note futures faced heavy selling pressure to close out the week, with the June contract dropping to contract lows near 103'07. Driving the momentum were higher-than-anticipated inflation readings, raising concerns that elevated price pressures could linger. Adding to the shifting sentiment, WTI Crude Oil futures maintained strength near the 105 level, compounding global uncertainty. This combination pushed the 2-Year yield up 8 bps to 407 bps, marking its highest level in 14 months. The entire Treasury curve moved higher, but selling was most pronounced on the back end. Yields on 10-Year, 20-Year, and 30-Year maturities jumped as much as 11 bps, leading to a steepening of the curve.