Treasury yields moved sharply higher on Monday and have seen further upside today, as several Federal Reserve officials reiterated the need to keep rates higher for longer. San Francisco Fed President Mary Daly said on Tuesday that there was no urgency to cut rates as inflation is still above the central bank's 2% target. Daly's echoed Cleveland Fed President Loretta Mester, who said she sees the fed cutting rates this year, but flagged pivoting to cuts too early rather than keeping them higher for longer was the bigger risk.
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