(Bloomberg) -- The global bond rout intensified, sending two-year note yields above 1% for the first time since January, on speculation that the Federal Reserve will raise interest rates as Donald Trump tries to increase spending to boost the world's largest economy.

The yield on the benchmark 10-year note touched 2.3%, the highest level this year. The move marks a quick reversal — just four months ago, it touched a record-low 1.318%, surprising analysts who back in January predicted it would end the year at 2.75%.

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