Investors expect Donald Trump to increase US fiscal stimulus, pushing them to sell government bonds.

The 10-year US Treasury note yield rose to almost 2.12% from 2.07% on Wednesday, right on the heels of the biggest one-day jump the note has experienced in over three years, the Wall Street Journal reports. The trend also extends into global markets, with yields on German, British and French government bonds rising while bond prices in developed Asian economies experienced steep overnight declines.

Yields rise when bond prices drop, and while the specifics of Trump’s political agenda are murky, analysts expect increased spending on infrastructure and tax cuts to boost bond supply, economic growth and inflation. If that happens, investors fear the Fed may raise rates faster and higher than expected to try and keep inflation in check. [WSJ]