Treasuries extended declines as trading kicked off Tuesday, driving the 10-year yield above 3% as investors brace for the Federal Reserve’s biggest interest-rate hike since 2000. 

The yield on the 10-year note climbed as much as three basis points, close to Monday’s intraday peak of 3.009% that was the highest since December 2018. Australian bonds tumbled to send short-end yields to eight-year highs after the country’s central bank raised borrowing costs by more than expected.