Impact of rising global bond market turmoil

Global bond markets have experienced sharp fluctuations over the past two weeks, with yields on the 10-year U.S. Treasury rising to 4.8%, while 30-year bond yields reached their highest levels since 2008. This is attributed to markets re-evaluating fiscal policy, with American debt surpassing $40 trillion and an expected annual deficit of 6% of GDP. Tensions increased as inflation resurfaced following a rise in oil prices to over $90 per barrel, amid expectations of interest rate hikes by the European Central Bank and the Bank of England. Additionally, the debt levels of major technology firms continued to expand. The impact of rising bond yields is beginning to spread across all economies, affecting government budgets, especially in developing countries that face greater risks if borrowing costs continue to rise.

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