Increasingly, it is where governments are being asked whether they can afford the money they have already borrowed.
-The rise in global bond yields is not simply an inflation or central-bank story. It is exposing the growing difficulty of refinancing enormous sovereign-debt burdens at genuinely market-clearing interest rates.
- Japan and the United States have reached the same constraint from opposite directions. Japan is trying to escape decades of suppressed yields, while the US is discovering that the market can raise its borrowing costs without the Fed lifting its policy rate. [...]