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Statue in front of a building, US Treasury Department, Washington DC, USA
Inflation fears drive Treasury bond selloff.
Glowimages—Getty Images

The bond market sell-off resumed on Monday on the heels of the worst week for U.S. Treasuries in more than seven years on growing worries that inflation will become a resurgent force under the policies of President-elect Donald Trump.

The yield on the 30-year Treasury bond, the security most sensitive to inflation expectations, shot above 3 percent for the first time since January. The gap between the yields on 10-year and 2-year notes rose from 1.21 percent at the end of last week to 1.26 percent, its widest since December.

The move follows a widespread sell-off last week in the aftermath of Trump's victory in the 2016 presidential election. Treasuries suffered a drop of 1.9 percent on the week on a total return basis, their worst showing since June 2009, according to Bank of America/Merrill Lynch Fixed Income Index data.