U.S. two-year yield at almost 15-year high before Fed meeting
The breakeven rate on five- and 10-year Treasury Inflation-Protected Securities, or TIPS, have surged to 13- and 12-year highs, respectively. The five-year TIPS breakeven rate was last at 2.532%, while the 10-year TIPS breakeven rate was last at 2.39%. The latter indicates the market sees inflation averaging about 2.4% a year for the next decade.
