Benchmark 10-year U.S. Treasury yields jumped to their highest level since 2011 on Monday as investors adjusted for the likelihood that the Federal Reserve will hike rates higher and for longer than previously expected as inflation remains near multi-decade highs.

Data last week showed higher-than-expected consumer prices in August, dashing hopes that the worst of rising price pressures may be in the past.

It also made it more likely that the Fed will hike rates by another 75 basis points when it concludes its two-day meeting on Wednesday. Traders are now pricing in a 77 percent chance of a 75 basis points hike and a 23 percent likelihood of a 100 basis points increase.

Investors are grappling to determine how long the Fed will raise rates as monetary tightening by central banks globally also raises concerns about growth.