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Global sovereign bond markets faced a sell-off after the U.S. 10-year Treasury yield topped 5.04%, while German 10-year and two-year yields settled at 3.307% and 3.072%, respectively. The move followed a 0.3% rise in U.S. core inflation in October and hawkish remarks from Federal Reserve officials. Markets priced in a 25-basis-point rate hike in December, with a 10% chance of a 50-basis-point increase.
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