The Federal Reserve is expected to raise the overnight lending rate between banks (Fed Funds interest rate) at least seven times this year from about 0% to about 1.75%. The duration of an overnight loan is measured in hours. Raising this ultra-short duration interest rate is causing other short-duration rates to rise materially higher. For example, the 2-year treasury rate began the year at 0.78%. This week, it reached 2.3%.