(Bloomberg) -- The selloff in Treasuries boosted the yield on the benchmark 10-year note to 3% for the first time in more than three years.
Increased inflation pressures -- fueled in part by the war in Ukraine as well as pandemic-related supply-chain issues -- have helped to drive up bond rates this year and have bolstered expectations for policy tightening by the Federal Reserve. Fed officials are due to meet this week and are widely expected to lift their overnight benchmark by a larger-than-normal 50 basis points, with further increases priced in across subsequent gatherings.
The yield on the 10-year security on Monday climbed as much as 6.7 basis points, cracking the 3% mark for the first time since December 2018. The 20-year bond earlier became the first benchmark security to eclipse 3% in the current cycle of rising rates, initially breaching the level on April 11. Five-, seven- and 30-year rates exceeded 3% later in April.
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