As traders absorbed information that the Federal Reserve must maintain high borrowing costs in order to control inflation, the sell-off in Treasuries grew worse and US stocks fell.

Treasuries' five- to 30-year yields increased by 10 basis points on the day. The 10-year benchmark bond's interest rate rose to 4.7%, the highest level since 2007, and the 30-year rate exceeded 4.81%, the highest level since 2010.

The main issue facing central bankers, according to Fed Supervisory Vice Chair Barr on Monday, was how long to maintain high-interest rates. Bowman, a well-known FOMC hawk, restated her desire for multiple rate increases. Williams, the head of the New York Fed, had stated on Friday that interest rates should remain high for a while.