Live News Updates: JetBlue threatens proposed Spirit merger with $3.6 billion bid

US and euro-zone government bonds sold off as traders considered the prospect of tougher sanctions on Russia and comments from a senior Federal Reserve policymaker signaling that the central bank would act more aggressively to curb inflation.

The yield on the 10-year US Treasury bond, which moves inversely to its price and is the global benchmark for borrowing costs, rose 0.16 percentage points to 2.56 percent, its highest since May 2019. The yield of the Monetary Sensitive Two annual grade jumped 0.11 percentage points to 2.53 percent.

The sell-off in the US was exacerbated by comments from Federal Reserve Governor Lael Brainard, who said on Tuesday she expected the central bank to begin a “rapid” reduction in its balance sheet in a bid to tighten monetary policy.

Germany’s 10-year Bund gained 0.11 percentage point to 0.61 percent, and Italy’s corresponding bond yield rose 0.19 percentage point to 2.26 percent. The 10-year UK gilt yield rose 0.11 percentage point to 1.65%.

Brussels said it was ready to launch a fifth package of sanctions against Russia that would include a ban on coal imports from the country. Restrictions on oil imports are under consideration, although not expected to be included in this week’s package.

On Monday, following reports of atrocities committed by their armed forces in Ukraine, the United States and France had called for a significant tightening of punitive measures against Russia.

April coal futures rose 15 percent Tuesday to $296 a ton. Oil prices fell slightly, with Brent crude, the international benchmark, falling 0.83 percent to $106.64 a barrel.

Read more about the market movements of the day here Live News Updates: JetBlue threatens proposed Spirit merger with $3.6 billion bid

Adam Bradshaw

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