The two-year yield has surged to 2.41% — the highest it's been since July 2008.
Meanwhile, the 10-year yield is at 2.82%.
That makes for the narrowest spread between the two-year and 10-year since before the Financial Crisis.
Happily dreaming in La-la-land till the rude awakening.
The Fed’s efforts to raise interest rates across the spectrum have borne fruit only in limited fashion. In the Treasury market, yields of longer-dated securities have not risen (prices fall...