“The prospect of higher U.S. debt levels and expectations of a Fed hike sent 10-year Treasury yields to their highest since mid-July, with the 2-10 year yield curve steepening to its highest in a month. “The market had given up on the Trump reflation trade and this is coming back with a bit more detail on tax plans,” said Commerzbank analyst Rainer Guntermann. “At the same time, this gives the Fed more ammunition to hike rates in the coming months.”