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The yield on the US 30-year Treasury note rose above 2% on Tuesday to print the highest level in 12 months. 

Longer duration yields have jumped to multi-month highs in recent days in a sign of investors anticipating a stimulus-driven rebound in economic activity and inflation. 

“When 30-year yields exceed 2%, and inflation starts to pick up at the same time, they serve as clear leading indicators of economic growth,” Michael Contopoulos, director of fixed income at Richard Bernstein Advisors LLC said, according to Wall Street Journal. 

However, yields at the short end of the bond market curve remain low, with the Federal Reserve expected to keep rates low for a prolonged time.