US 2-year yields have drifted back to 2.52% from a high of 2.594% earlier today.

I tend to think that we're near a high in terms of pricing in rate hikes, at least until we see how those hikes hit the real economy. A return of 2.5% is a decent return on short duration. Maybe that gets to 3% but if there are high risks around China, tech stocks and if you believe the economy is stumbling; what's wrong with 2.5%?

US 2s