The 6-month T-bill rate rose past 5% on Tuesday after the U.S. consumer price index report for January
TMUBMUSD06M,
5.036%
showed inflation to be sticky and slowing grudgingly. Meanwhile, the 1-year T-bill rate
TMUBMUSD01Y,
5.031%
inched closer to the 5% level, at 4.99%, while the policy-sensitive 2-year rate
TMUBMUSD02Y,
4.634%
rose to 4.6%. Rates on shorter-term Treasurys rose at a faster pace than on their longer-term counterparts, sending the Treasury curve more deeply negative. The spread between the 2- and 10-year yields
TMUBMUSD10Y,
3.779%
briefly touched minus 89 basis points after the CPI report.
