U.S. 10-year yields hit highest level since 2011

STORY: 10-year U.S. Treasury yields jumped to their highest level since 2011 on Monday…

as investors adjusted for the likelihood that the Federal Reserve will hike interest rates higher and for longer than previously expected.

Data last week showed higher-than-expected consumer prices in August, dashing hopes that the worst of rising price pressures may be in the past.

It also made it more likely that Fed Chairman Jerome Powell and the rest of the fed policy makers will hike rates by another 75 basis points when it concludes its two-day meeting on Wednesday.

Investors are grappling to determine how long the Fed will aggressively raise rates as monetary tightening raises concerns about economic growth.

It is not just in the United States that rate rises are expected. Most of the central banks meeting this week - from Switzerland to South Africa - are expected to hike.

Monday, the U.S. Benchmark 10-year yields briefly crossed 3.5%, the highest since April 2011, before falling back.

Two-year yields reached 3.9%, the highest since November 2007.

For those paying attention—you might notice that the 2 year yield is higher than the 10 year... This is known as an inverted yield curve, viewed by some economists as a reliable indicator that a recession will follow in one-to-two years.