The yield on the 2-year Treasury note hovered around 4.1% on Thursday as the gap with the 10-year Treasury widened, further inverting the yield curve.
The policy-sensitive 2-year Treasury was last up 9.73 basis points to 4.0923% as of 4:15 a.m. ET. Earlier in the day it had soared as high as 4.132%, coming close to levels last seen in October 2007 when it reached 4.138%.
The gap between the 2-year and 10-year notes widened as much as 56.8 basis points, further inverting the yield curve. Short-term rates being significantly higher than long-term rates can be a sign of recession, according to some analysts.announced a 75 basis point interest rate hike
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