BlackRock is buying the bonds most at risk from added Fed hikes

New York

TO BlackRock Inc's Rick Rieder, lost in the discussion about the flattening US yield curve is the fact that shorter-dated Treasuries are the cheapest on a relative basis in a decade. And he's a buyer.

Two-year Treasuries yield about 1.8 per cent, rising from 1.25 per cent just three months ago. As a result, the extra yield that investors get by extending to 10-…