Central banks face a growing dilemma as rising government borrowing costs and mounting public debt test their independence, forcing policymakers to weigh financial stability against the risk of becoming backstops for cash-strapped governments. A global bond selloff has increased pressure on governments already struggling with higher debt-servicing costs, ageing populations and rising defence expenditure. Yet central banks in major economies are reluctant to resume large-scale bond purchases, which helped keep borrowing costs low over the past decade but have since drawn criticism for fuelling debt accumulation and distorting financial markets. [...]