Treasury yields are rising at a rapid clip, as global rates jump and investors anticipate a more aggressive Federal Reserve.

The benchmark U.S. 10-year yield rose above 3.9% for the first time since 2010. It was at about 3.75% on Friday. The 2-year yield Monday rose by about 13 basis points to 4.33%. A basis point equals 0.01 of a percentage point.

The U.K. 10-year gilt yield was at 4.24%. It was at 3.15% just a week ago.

Bond yields move opposite price. A sharp sell-off in U.K. bonds led the selling, as investors weigh the Bank of England’s potential response to a U.K. government plan to cut taxes and raise spending. The pound fell to an all-time low against the dollar, as U.K. rates jumped Monday.

The Fed sent shockwaves across global rates markets Wednesday with a more aggressive forecast for interest rate hikes. “I think there’s three things” moving the market, said AmeriVet’s Greg Faranello. “It’s the repricing of the Fed. It’s the global rates story, and it’s a function of liquidity,” he said.

Andy Brenner of National Alliance said he sees no signs of support in the chart of the 10-year yield until 4%.

“This could also be the bond vigilantes seeing nothing to stop them,” said Brenner.

–Patti Domm