The yield on the short term two year Treasury note has risen. It has now hit its highest yield highest level in nine years during North American trade hours. Investors grew confident that more military action in Syria would not materialize. Also, retail sales data came in stronger than expected.
The two year yield hit 2.394 percent. This is its highest level since Sept. 8, 2008. That is when the two year yield was at 2.542 percent.
By 3:30 pm EST, the yield on the benchmark 10 year Treasury note was up to 2.83 percent. The yield on the 30 year Treasury bond was up to 3.027 percent.
In headlines, the Commerce Department said that retail sales for March rose 0.6 percent. This was its largest increase since November. The increase in retail sales was thanks to consumer purchases of automobiles, furniture and appliances. This comes after three months of contracting retail sales.
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Sales were up at grocery stores, restaurants and bars. Including drug stores. They fell at home and garden shops. They also fell at clothing and sporting goods stores.
Investors grew more confident in the economy. This comes as fears of more military involvement in Syria eased. The U.S., France and Britain launched more than 100 missiles on Saturday. They targeted chemical facilities in what leaders have described as an isolated, precise attack.
U.S. Secretary of Defense James Mattis called the strikes a “one time shot.” They were aimed at Syrian government’s chemical weapons infrastructure. “Right now we have no additional attacks planned,” Mattis said.
The strikes came after an alleged chemical weapons attack believed to be carried out by forces with the Assad regime in Douma. This was a town held by Syrian rebels.