Federal Reserve Big News:
Federal Reserve may have to do something it hasn't done since 1994 to tame US inflation.
Wall Street is worried because Friday's consumer price index report showed inflation is rising faster than expected.
US government-bond yields closed at their highest level in a decade on Monday, indicating a sharp pick-up in inflation.
Investors are terrified of fears of a three-quarter point rate hike by the Fed. because Fed is really worried about inflation.
According to Tradeweb, the yield on the benchmark 10-year Treasury note settled at 3.371%, the highest closing rate since April 2011.
The yield on the two-year Treasury which often rises on expectations of a Fed rate hike rose to 3.279% from 3.047% on Friday, a new 15-year high.
Let us tell you that the last time the Fed raised rates by 75 basis points was in the Alan Greenspan era: November 1994.
Markets around the world still have some doubts that the Federal Reserve will be aggressive in this Wednesday's meeting.
Fed officials have signaled that raising interest rates to bring down inflation is their top priority.