The two-year Treasury note’s yield climbed to its highest level since December as expectations for Federal Reserve interest-rate cuts this year continued to erode, with traders dropping the odds of a June rate cut to less than 50% and economists at Goldman Sachs Group Inc. revising their forecast. The US two-year yield rose only as much as 2 basis points from Friday’s closing level, but reached 4.749%, the highest level since Dec. 11. Swap contracts that predict decisions by the US central bank repriced to higher rate levels, with the June contract’s approaching 5.21%. At that level it prices in less than half a ... (full story)