Treasury two-year notes are the cheapest relative to 30-year bonds since the end of 2007, as hawkish comments from Federal Reserve officials spur speculation the central bank will increase interest rates this year. [See Figure 1, below.]

The yield on the shorter-maturity debt, which is more sensitive to the outlook for monetary policy, rose for a third day after Fed Bank of Kansas City President Esther George said labor-market gains and rising inflation should prompt higher interest rates. Chair Janet Yellen speaks Friday at an annual symposium in Jackson Hole, Wyoming.

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