the 2year rate led a rise in yields on thursday as traders factored in slightly higher chances of rate hikes by the federal reserve in june and july the policysensitive rate jumped 12 basis points to 446 in morning trading the 1year treasury yield also jumped 8 basis points to 52 the moves came after minutes of the fed’s may 23 meeting released on wednesday showed that some officials were willing to keep hiking rates due to “unacceptably slow” progress on bringing down inflation fed funds futures traders now see a 458 chance of a rate hike in june and a 193 chance of one in july according to the cme fedwatch tool