The 2-month T-bill rate led Friday’s rise in Treasury yields as investors continued to focus on the debt-ceiling debate and awaited an 11 a.m. Eastern time appearance by Federal Reserve Chairman Jerome Powell. The rate was up 20.1 basis points at 5.219% from Thursday’s close of 5.018%, according to 10:30 a.m. figures from Tradeweb data. The 2-month rate has been up every trading day since May 11, though is still short of the all-time high of 5.322% it reached on May 4. The rate’s history only dates back to October 2018, when the 2-month bill was first issued.

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