The yield on the benchmark ten-year United States Treasury note increased on Monday to 3.5% for the first time since 2011, hitting a fresh high.
The Federal Reserve is expected to go ahead with another unusually high interest rate hike, with the decision to be revealed this Wednesday. The prospects of further possible aggressive monetary policy steps seemingly lowered the appetite for bonds, whose prices move opposite to yields.
The return on the 10-year Treasury note increased 5.3 basis points to 3.50% at 7:17 am ET. The yield on the two-year note grew 7.3 basis points to 3.932% and the return on the 30-year bond was up 3.4 basis points to 3.554% at 7:18 am ET.