US 10-year treasury yield rises to highest level since Dec 2016

• US 10-year treasury yield clocks 13-month high.
• Trades just shy of the highest level since 2014.

The yield on the US 10-year treasury note rose to 2.637 percent; the highest level since December 2016.

Also, the yield is trading just short of 2.655 percent - high seen in September 2014.

The rise in the long end yield lifted the 10-y-2yr spread to 58 basis points. The spread bottomed out at 49 basis points on Jan. 4.

The steepening of the yield curve could put a bid under the US dollar. Further, it would be interesting to see whether equity markets react negatively to 10-year yield moving above 2.63 percent.