"Strong Manufacturing Data Pushes 2-Year Treasury Yield Near 5% as Stock Market Wavers"

The U.S. 2-year Treasury yield approached 5% after stronger-than-expected manufacturing data, with the 10-year Treasury yield also rising. The Philadelphia Federal Reserve's manufacturing survey showed a significant increase, particularly in the prices paid index. Uncertainty around potential interest rate cuts persists, with comments from Fed Chairman Jerome Powell indicating a lack of confidence in inflation returning to the target range this year. Expectations for the timing of the first rate cut have shifted since higher-than-expected consumer price index data earlier this month.