[BlackRock Takes a Contrarian Bearish Stance on Rate Hike Expectations, Says Fed 'Has Reason to Cut Rates'] As Walsh officially assumes the role of Federal Reserve Chair, interest rate futures indicate that the market has begun betting on a Fed rate hike within the year. The yield on the 2-year U.S. Treasury has risen from its March low of 3.36% to approximately 4.12%, while the 30-year U.S. Treasury briefly surpassed 5.2%.