UBS strategist Phoebe White said the bank was stopped out of 2-year Treasury
longs earlier this week and has abandoned its near-term bullish bias on the
front end. UBS raised its year-end 10-year UST yield target to 4.80% from 4.35%
and its 2-year target to 4.50% from 3.95%, broadly aligned with forward rates.
TRADEWEB DATA showed the 2-year yield rose 2bps to 4.568%, earlier touching
4.596%, its highest since July 2024.
