Interest rate markets observed selling pressure on the short end of the curve, with 2-Year Note futures reaching their lowest levels for the March contract since August. The primary drivers included U.S. economic data, with GDP figures remaining elevated relative to previous expectations. While PCE data aligned with overall expectations, the month-over-month figures moved slightly higher, staying above the 2% target. Market participants analyzed these indicators ahead of the upcoming Federal Reserve policy announcement. Yields on the 2-Year note rose to 3.62%, marking a five-month high. Conversely, the long end of the curve experienced buying pressure, with 20-Year and 30-Year yields moving lower. This divergence resulted in a flattening of the yield curve, with the spread between the 2-Year and 10-Year narrowing to 63 basis points.