Treasury yields climbed after a wave of monetary tightening from global central banks that followed the Federal Reserve decision.

Ten-year US rates traded near 3.6%, the highest level since February 2011. Contracts on the S&P 500 fluctuated after Wednesday’s rout in the US equity benchmark.

The Fed gave its clearest signal yet that it’s willing to tolerate a recession as the necessary trade-off for regaining control of inflation, with officials signaling a further 1.25 percentage points of tightening before year-end. Switzerland, Norway and Britain followed with hikes of their own as officials rush to get to grips with rampant price increases.

“The Fed is engineering a hard landing -- a soft landing is almost out of the question,” Seema Shah, chief global strategist at Principal Global Investors, wrote in a note following the Fed decision. “Powell’s admission that there will be below-trend growth for a period should be translated as central bank speak for recession. Times are going to get tougher from here.”

The Bank of England delivered a second consecutive half-point hike to quell price pressures. Even so, the move to 2.25% wasn’t as big as some were expecting, and the pound pared its rise against the dollar. The gilts 10-year yield climbed.

The Swiss National Bank matched the Fed by raising interest rates 75 basis points to bring borrowing costs above zero for the first time in almost eight years. Norway’s central bank, among the first in the rich world to start raising rates last September, lifted its key interest rate by a half point and signaled that its tightening may be nearing an end.

The yen rose after Japan’s first intervention since 1998 shored up the currency’s 20% slide against the dollar this year. In contrast to the Fed, the Bank of Japan stuck steadfastly to its rock-bottom interest rate policy Thursday.

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This article was provided by Bloomberg News.