The yield on the 10-year Treasury note was on the cusp of 3 per cent for the first time in more than four years on Monday, as concern about inflation returned.
Oil’s move above $70 a barrel and firmer metal prices have fanned worries about inflation, which for much of the post-financial crisis period has remained subdued and helped sustain a rally in bonds.
“Investors are taking the view that the global inflation climate is worsening with the combination of trade friction and sanctions leading to spots of higher prices, for oil, metals and at some stage other goods that are hit with tariffs,” said Koon Chow, strategist at UBP. “This explains the moves for US bonds.”
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