US Treasury yields rose on Tuesday, and the increase in the US Producer Price Index (PPI), which was announced earlier, exceeded expectations, raising concerns that inflation is still too stubborn to the point where the Federal Reserve cannot begin to relax its policy. Compared to long-term treasury yields, the 2-year yield, which is more sensitive to changes in the Federal Reserve's interest rate, briefly rose 3 basis points to 4.89%, and traders lowered their expectations for interest rate cuts. The swap agreement is expected to cut interest rates by 40 basis points before the end of the year. Data released by the US Department of Labor at 20:30 showed that after adjustments, the US Producer Price Index (PPI) for April 2024 rose 0.5% month-on-month compared to the previous month's data, and 2.2% year-on-year compared to the same period last year. PPI rose 0.5% month-on-month in April, higher than the market estimate of 0.3%.