America’s Historic Bond Bear Bleeds Into Global Markets

Oh, the humanity. 30-year US Treasury yields briefly breached 5% on Wednesday before pulling back. The extension of the prior day's harrowing rout (itself an encore following a two-month selloff that gathered momentum after Fitch downgraded the US over the summer), spilled over into global bonds including, naturally, bunds. 10-year German yields exceeded 3% for the first time in a dozen years. Bund yields flirted with, or, depending on the sector, persisted in, NIRP-ian Neverland for years.