By Daniel Kruger 

The long-awaited repricing of the U.S. bond market has stalled once again. The 10-year U.S. Treasury yield has been stuck between 2.8% and 2.9% after an early 2018 debt selloff took the yield within a hair of 3% for the first time in four years. The rise in yields since 2016 signals investors no longer fear the global economy will suddenly fall apart, but the recent leveling-off suggests investors doubt growth is truly picking up in a sustained way.

Next on deck for bond investors is the coming week's meeting of the Federal Open Market Committee, due to conclude Wednesday. The Fed is expected to raise its fed funds short-term interest-rate target then and at least twice more this year, depending on how the economy performs and whether inflation increases further.

Fed interest-rate increases translate almost mechanically into higher short-term Treasury rates. A bigger question for investors is whether those increases will curb growth along with inflation. That would pull down yields "further out on the curve," as Wall Street jargon would have it, potentially signaling a slowdown.

Here's a look at a few key yield-curve soundings that investors will be making for the balance of 2018.

The "Two-10" Spread

The gap between two- and 10-year Treasury yields is watched closely as a barometer of economic health. The rise in 10-year yields since December is a sign to many analysts that the economic expansion is far from over.

The "Five-30" Spread

Investors watch the difference between five- and 30-year yields for a read on the outlook for growth and inflation, which threatens the value of bonds because it chips away at the purchasing power of their fixed payments. The larger the difference, the greater the expectation for economic expansion and inflationary pressures.

Break-Evens

Short-term inflation expectations have risen in the past year, propelled by the $1.5 trillion tax cut bill passed at the end of 2017. Yet a smaller change in expectations for longer-term inflation suggests many investors still think the U.S. growth trend is stuck around 2%.

(END) Dow Jones Newswires

March 18, 2018 10:14 ET (14:14 GMT)