Global bond markets are coming under renewed pressure as investors demand higher returns to compensate for a combination of persistent inflation risks, deteriorating government finances and a surge in borrowing linked to the artificial intelligence investment boom. Long-term government bond yields have risen sharply across major economies, with the move particularly pronounced at the longer end of yield curves. The increase reflects a growing sense among investors that the combination of elevated inflation, heavy government borrowing and rising demand for capital could keep borrowing costs higher for longer. [...]