Yields jumped in the bond market after data showed the U.S. economy grew at a 2% annual rate in the first three months of the year, much stronger than the 1.3% rate earlier estimated.

Bonds sold off across the curve, with 2-year yields jumping 15 basis points to 4.86%. Swap markets now indicate a nearly 50% chance of a second Fed increase by year-end.

A closely watched survey suggests consumers are paring back their expectations for upcoming inflation.

The U.S. stock market is cruising on hopes the economy may avoid a recession and the Fed may soon take it easier on its hikes.

Weaker-than-expected reports on the health of U.S. services industries and the job market send bond yields lower, too.

Tuesday’s reports on job openings and factory orders may have heightened recession fears.