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World's biggest bond markets hit by relentless selling
An unrelenting selloff in world government bond markets pushed U.S. 30-year Treasury yields to 5 per cent for the first time since 2007 and Germany's 10-year borrowing costs to 3 per cent on Wednesday, moves that could hasten a global economic slowdown. A growing sense that interest rates in major economies will stay higher for longer to contain inflation, ever resilient U.S. economic data and a sharp unwinding of traders' positions for a bond rally have hit hard. In the U.S. Treasury market - considered the bedrock of the global financial system - 10-year yields have soared almost 30 basis points (bps) to 4.8 per ... (full story)