Analysts spent early November warning a Trump victory in the U.S. presidential election would make the Federal Reserve less likely to raise interest rates. What happened instead is that it made a December increase a near certainty.

Traders assign about a 94% probability, the highest level this year, to a Fed boost at its final meeting for the year on Dec. 13-14, futures contracts indicate. Trump's spending plans are driving speculation the Fed will pick up its pace of rate increases as inflation expectations climb.

"It's hard not to think this is incredibly reflationary for the global economy," said Mark Nash, the head of global bonds in London at Old Mutual Global Investors, which oversees about $37 billion. "We believe there should be more hikes priced in and bond yields should rise," he said Tuesday in an interview on Bloomberg Television.