U.S. sovereign bond prices slumped Monday, following a public holiday for the market Friday, as traders continued to eye inflation trends following the election of Donald Trump.

The yield on the benchmark 10-year Treasury note, which moves inversely to its price, moved higher to 2.261 percent, while the yield on the 30-year Treasury bond was higher at 3.01 percent. The benchmark yield also hit its highest level since Dec. 31, 2015 earlier in the session.



Perceived safe havens like fixed income usually suffer when equities are en vogue, and that was the case Monday with global stocks continuing to be buoyed by the result of the U.S. election. Trump's policies are expected to see inflation trending upwards over the coming years which is traditionally bad for bonds.