© . FILE PHOTO: Sheets of former US President Abraham Lincoln on the five dollar currency are seen through a magnifying glass at the Bureau of Engraving and Printing in Washington, March 26, 2015. REUTERS/Gary Cameron LONDON () – US five and 10 Interest rates Treasuries on an annual basis rose to their highest level in nearly three years on Tuesday, ahead of a much-anticipated Federal Reserve rate hike. Five-year Treasury yields rose to 2.149%, their highest level since May 2019, while 10-year yields rose to 2.204%, last rising 2 bps on the day. The 30-year rate briefly reached 2.537%, the highest since August 2019. The Fed closes a two-day meeting later on Wednesday and is expected to make its first rate hike in three years, in what is likely to be a series of rate hikes to tame inflation. . The urgency surrounding the Fed’s policy meeting this week has increased as inflation shows no signs of easing and could rise further since Russia’s invasion of Ukraine pushed oil prices up. US money market price in about seven, 25 basis points total interest rate hikes this year. “We’ve already priced in a lot and so far it hasn’t caused any major market problems,” said Jan von Gerich, chief strategist at Nordea. “But it’s clear that the US inflation outlook calls for more than just policy refinement. This cycle (rate hikes) is going to be a long one.” US inflation is close to 8% and data from Tuesday showed producer prices rose 10% year-on-year in February, after a similar increase in January. Graphic: US Treasury yields are rising faster than the Fed: https://fingfx.thomsonreuters.com/gfx/mkt/znvnenraopl/UST1603.PNG Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real . neither time nor accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media assumes no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts, and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.