Higher-for-longer theme reverberates, leaving Treasury yields on track to establish fresh multi-year highs

Traders continued to digest the Federal Reserve’s message of higher-for-longer interest rates on Thursday, leaving 2-, 10-, and 30-year yields on their way to their highest levels in more than a decade. The moves were particularly large in the intermediate- to long-term end of the Treasury market. The 10- and 30-year yields jumped by 8 and 11 basis points to 4.46% and 4.52%, respectively. If those levels are maintained into 3 p.m. Eastern time, the 10-year rate would carve out its highest level since Oct. 31, 2007, while the 30-year yield would reach its highest since April 14, 2011. The policy-sensitive 2-year rate…