• Global bonds continued to tumble, as a string of policymakers told investors they should expect further rate hikes, pushing back on speculation central banks were nearing an end to their tightening cycles.
• US Treasuries extended their selloff from Friday as traders ramped up their bets on future tightening, fully pricing in the upper bound of the Fed Funds target rate reaching 5.25% for the first time since November. The Fed’s policy ceiling currently sits at 4.75%, and swaps that reference the four meetings from May to September were all trading above 5%, with a roughly quarter-point drop being factored in for December.