US Treasury prices fell sharply on Monday in a bearish start to 2022 that follows the worst year for the global bond market in more than two decades.
The benchmark 10-year Treasury yield rose by nearly 0.13 percentage points, exceeding 1.6 per cent for the first time since the emergence in late November of the Omicron strain of coronavirus, which sent yields tumbling. It marked one of the biggest Treasury sell-offs over the past year.
The yield on the policy sensitive two-year note briefly rose above 0.8 per cent, its highest level since March 2020. The moves accompanied a dramatic shift by traders on Monday, as they bet on tighter policy from the Federal Reserve in the years ahead.
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