The policy-sensitive 2-year Treasury yield topped 4% after the Wall Street Journal reported that JPMorgan Chase & Co., Morgan Stanley and other big banks are discussing a deal to shore up First Republic Bank came back Rates on 6-month and 1-year T-bills rose by 15 and 18 basis points, to 4.795% and 4.389%, respectively. Traders have been highly focused on First Republic for insight on the extent of risks ahead in the banking sector. Investor views on the health of the financial sector have overtaken incoming data as the main driver of market moves, according to BMO Capital Markets.
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