1231 ET - Treasury yields rise at different speeds, with the two-year yield hovering near a 19-month high, at 4.369%, while the 10-year loses some steam and trades at 4.768%. "Short-dated yields are moving up based on traders pricing in a higher likelihood that inflationary pressures will lead the Fed to raise policy rates," Truist's Chip Hughey says in an email, adding that his base case is a hold although it is "an increasingly close call." Longer-dated yields rise slower as "hike expectations and higher energy prices weigh on near-term growth expectations," he says. Friday's labor report will be key for the interest rates outlook, Hughey says.