Government bond prices fell in the US and Europe and the dollar strengthened ahead of central bank meetings that could mark the beginning of the end of crisis-era monetary stimulus.
The yield on the 10-year US Treasury note, which moves inversely to its price, rose 0.05 percentage points to trade at 1.37 per cent as traders placed bets that the Federal Reserve would soon reduce the $120bn of monthly bond purchases the US central bank has conducted to ease borrowing costs through the pandemic.
The dollar index, which tracks the progress of the US currency against six others, rose 0.6 per cent. In equity markets, Wall Street’s S&P 500 index closed down 0.3 per cent, while the technology-focused Nasdaq Composite was roughly flat on the day.
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