us treasury yields early tuesday added to a push higher a day after yields jumped to kick off the new year sending the rate on the 2year note to a 22month high treasury prices fell monday driving up yields as equities rallied with the dow jones industrial average djia and the sp 500 spx ending at records stockindex futures pointed to further gains for stocks on tuesday investors appear to have waved off concerns over the omicron variant of the coronavirus that causes covid19 infections have surged with the us registering 1083948 cases on monday according to data collected by johns hopkins university more than double the previous record of 486428 set four days ago hospitalizations for confirmed or suspected covid19 cases hit a sevenday average of 97855 on monday according to data from the us department of health  human services cited by the wall street journal that’s up 41 over the past two weeks but below the pandemic peak of 137510 seen on jan 10 2021 and a smaller peak of 102967 seen on sept 4 2021 amid the surge in the delta variant of the coronavirus investors continue to look for the federal reserve to begin lifting rates as early as this spring with fedfunds futures on monday showing traders had priced in a better than 50 chance of a rate move in march when the central bank is due to have ended its monthly asset purchases data on tap tuesday include the institute for supply management’s gauge of manufacturing due at 10 am eastern as well as november data on job openings and leavings minneapolis fed president neel kashkari is scheduled to discuss the economic outlook at 1130 am what are analysts saying “despite record national infection levels yields finally continued their natural path higher is the ‘bad’ news discounted the european example shows that the economic impact of omicron so far remains less worse than initially feared” wrote analysts at kbc bank in brussels in a tuesday note “the monetary policy context continues to play a role as well the fed’s december decision to accelerate the taper process could already result in a march rate hike with some governors even calling to shrink the balance sheet starting in summer” with this week’s economic data potentially strengthening those calls they wrote jobs data due this week will indicate the tightness of the labor market while the release of minutes from the fed’s december meeting on wednesday will offer more insight on the decisionmaking process they said