Global Bond Selloff: Long Yields Hit Multi-Decade Highs

The striking element is that this repricing is happening in real yields, with inflation expectations stable — a term-premium and fiscal-supply story rather than an inflation scare. That distinction matters because it points to a structural repricing of sovereign risk, not a temporary inflation spike, and it tightens financing conditions for governments across the US, Europe and Japan simultaneously. The open question is whether this pressure feeds back into political dynamics around fiscal expansion, and whether long-end demand stabilizes or continues to thin out.