2-year Treasury yield surges to highest since March after GDP report

Treasury yields shot higher early Thursday after revised U.S. GDP figures showed the economy grew at an annualized pace of 2% during the first quarter, significantly better than the previous reading of 1.3%. Yields shot higher, with the short end of the curve seeing the biggest move. The yield on the 2-year Treasury note
TMUBMUSD02Y,
4.878%
hit its highest level since March 8, according to FactSet data, rising 16 basis points to 4.882%. The yield on the 10-year Treasury
TMUBMUSD10Y,
3.838%
rose nine basis points to 3.802%, its highest level since mid-June. Rising yields helped drag the U.S. dollar higher, with the ICE U.S. Dollar Index
DXY,
+0.44%,
a gauge of the buck’s strength against a basket of rivals, gaining 0.2% to 103.1.