Treasuries dropped in Asia as they reopened following a US long weekend, extending a global slide that kicked off in the UK where investors grew concerned stubborn inflation will lead to more aggressive monetary tightening.

US 10-year yields rose five basis points, while similar-maturity Australian yields jumped eight basis points to their highest this year. Traders are betting the average central bank rate in developed markets will rise to 3.82% in a year, the highest forecast since March 7. That means they have effectively priced out bets the financial-market stress that erupted with the collapse of Silicon Valley Bank will persuade policymakers to stop tightening.

Gilts led declines in government debt markets Monday before UK inflation data due Wednesday and a Bank of England policy decision the following day. Federal Reserve Chairman Jerome Powell is due to testify to Congress Wednesday, and his comments may put further weight on global bond markets after the latest central bank decisions in Australia, Canada and the US were all more hawkish than anticipated.

Read more: UK Short-Term Borrowing Costs Reach 5% for First Time Since 2008

Markets had expected central banks would respond to signs price pressures are easing by softening their stance, whereas policymakers instead remained aggressive on concerns inflation remain is in danger of remaining above their targets for too long.