US bond investors are braced for a testing week, dominated by record $75bn in debt sales by the US Treasury and the Federal Reserve's policy meeting, which concludes on Wednesday.
Treasury yields have been rising and are back at levels last seen in early June, with the yield on 10-year notes trading at 3.84 per cent yesterday.
Traders would not be surprised to see the benchmark test 4 per cent ahead of a $23bn auction tomorrow.
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