(Bloomberg) -- Treasuries fell Monday to extend a severe selloff that last week delivered losses equivalent to their interest payments over the past year.
Five-year yields rose six basis points to surpass 2% for the first time since May 2019, while 10-year yields climbed a similar amount to 2.05%.
Yields across the curve are at or near multi-year highs thanks to accelerating inflation and an imminent global shift toward restrictive monetary policy.
The 30-year breakeven rate -- a bond-market gauge of inflation expectations -- hit 2.60% last week, the highest since 2013. Swaps traders are certain the Federal Reserve will raise interest rates 25 basis points this week and see better than 80% odds it hikes borrowing costs at each of the six subsequent meetings scheduled this year.
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