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NEW YORK: US Treasury two-year yields hit a nine-year high on Thursday  as risk appetite recovered globally and a batch of neutral to solid economic reports put the Federal Reserve on track to raise interest rates in 2018.

The rise in two-year yields pushed the curve to its flattest in a decade.

"This morning's economic data were neutral to OK, as opposed to scary that may in any way indicate that the US economy was overheating," said Jim Vogel, interest rates strategist at FTN Financial in Memphis, Tennessee.

US industrial output rose 0.9 percent, a higher-than-expected rise in October as industries affected by recent hurricanes resumed normal operations.

Apart from that, US jobless claims data, while increasing in the latest week, showed a firmer underlying trend.

The reports helped flatten the yield curve.

The gap between US 2-year note and US 10-year note yields contracted to 63.2 basis points, the tightest since November 2007.

The difference in five-year and 30-year yields narrowed to 72.4 basis points, the flattest since December 2011.

A flat yield curve reflects expectations of further interest rate increases. The Federal Reserve has raised borrowing costs twice this year and is expected to boost rates again next month. It has forecast three rate hikes in 2018.  In late morning trading, the 10-year Treasury yield rose to 2.350 percent, from 2.335 percent late on Wednesday.

US two-year yields climbed to a nine-year peak of 1.716 percent, from 1.691 percent on Wednesday.

US 30-year bond yields rose to 2.791 percent, from Wednesday's 2.781 percent.

 

Copyright Reuters, 2017