Stocks sag as U.S. yields climb higher

Stock markets struggled on Monday as U.S. Treasury yields reached a new two-year high and investors fretted about the prospect of rising interest rates and a surge in COVID-19 infections.

Not if or when but how fast?

That the U.S. Federal Reserve will hike rates this year is a no brainer, surely? So the key question then is how fast will it tighten policy given uncomfortably high inflation.