• Two- and five-year Treasury yields climbed to the highest levels this year as swaps traders and economists at Goldman Sachs Group Inc. forecast fewer Federal Reserve interest-rate cuts.
• The US two-year yield reached 4.749%, the highest level since Dec. 11, before paring the advance and ending the session little changed. The yield on the five-year note touched 4.367%, the highest since Nov. 28.
• At one point Monday swap contracts that predict decisions by the US central bank put the odds of a June rate cut at less than 50%. The contracts would ultimately finish the day lower, reflecting expectations that a rate cut by the June meeting was slightly more likely than not. The Fed has kept its benchmark rate in a range between 5.25% and 5.5% since July.