The 6-month T-bill rate rose past 5% on Tuesday after the U.S. consumer price index report for January showed inflation to be sticky and slowing grudgingly. Meanwhile, the 1-year T-bill rate inched closer to the 5% level, at 4.99%, while the policy-sensitive 2-year rate rose to 4.6%. Rates on shorter-term Treasurys rose at a faster pace than on their longer-term counterparts, sending the Treasury curve more deeply negative. The spread between the 2- and 10-year yields briefly touched minus 89 basis points after the CPI report.
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