Bloomberg reports that yields on the longest-dated U.S. benchmark bond have topped 2% for the first time in close to a year, fueled by advancing talks on U.S. fiscal stimulus and rising expectations for inflation.

The selloff in Treasuries pushed the yield on the 30-year bond up by as much as three basis points to 2.00%, the highest since Feb. 2020. The level is psychologically important, in part because 2% is the pace of inflation that the Federal Reserve looks to maintain for consumer prices.

The move on Monday follows a series of comments from policy makers on both sides of the Atlantic at the weekend.