Summary

• Rising inflation, expectations for persistently elevated interest rates, and the ongoing war in Iran have triggered a global bond sell-off with no clear signs of an end.
• In the US, the benchmark 10-year Treasury yield has climbed 70 basis points since the start of the Iran war at the end of February.
• The 30-year Treasury yield this week climbed to 5.18%, a 54-basis point rise from the end of February and the highest yield for this long-dated government bond since 2007.

Rising inflation, expectations for persistently elevated interest rates, and the ongoing war in Iran have triggered a global bond sell-off with no clear signs of an end.

Government bond yields, which move opposite prices, have surged to their highest

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