Treasurys keep sliding

Global bonds lost $1.7 trillion of value in November, according to Bloomberg, and things aren't getting any better in December. Early weakness has US Treasury yields up more than 3 basis points at the long end of the curve as the bond vigalantes remain in control on the assumption Trump's protectionist trade policy and plan for massive infrastructure spending will bring back inflation in the United States.

Here's a look at the scoreboard as of 7:21 a.m. ET:

• 2-year +1.8 bps at 1.131%
• 3-year +2.5 bps at 1.417%
• 5-year +2.6 bps at 1.868%
• 7-year +2.7 bps at 2.217%
• 10-year +2.7 bps at 2.408%
• 30-year +3.1 bps at 3.065%

Thursday's selling has the 2-year yield at its highest level since the fourth quarter of 2009 as traders continue to price in a Fed rate hike at the upcoming meeting on December 13/14.

Elsewhere along the curve, selling at the long end has those yields at levels last seen in the middle of 2015.

A slightly steeper curve is in play with the 5-30-year spread wider at 120 bps.

And the selling isn't contained to just the United States. Yields are up across Europe with Germany's 10-year higher by 2.8 bps at 30 bpd and the UK 10-year up 4 bps at 1.453%. Even Japan's 10-year ticked up 0.8 bps, hitting 2.1 bps, its highest since February.