US two-year yield hits fresh 10-year high

• US short duration treasury yields continue to rise. 
• Focus on Fed. 

The yield on the short-duration treasuries is on the rise in Asia as investors price in the increased probability of faster interest rate hikes. 

The two-year yield, which tracks the changes in short-term interest rate expectations, rose to 2.30 percent in Asia - the highest level since 2008. Over the last six months, the yield has risen by 100 basis points. 

Focus on Fed's wording

While a 25bps interest rate hike is baked in, the Fed's economic forecasts, 'dot plots' and Chair Powell's debut press conference could move markets. The greenback will likely surge across the board if the Fed revises its dot plot higher to four rate hikes this year.