Read it and weep

A global bond sell-off deepened on Wednesday, driving the yield on the 30-year US Treasury to 5 per cent for the first time since July, as investors’ fears over rising debt piles and stubbornly high inflation dominated trading.

Longer-dated bonds bore the brunt of the selling, with the yield on the 30-year Treasury up 0.03 percentage points at 5 per cent and Japan’s 30-year bond yield hitting a record high of 3.29 per cent.

In the UK, long-term borrowing costs climbed further after reaching their highest level since 1998 on Tuesday. The 30-year gilt yield rose 0.06 percentage points to 5.75 per cent.

Here is more from the FT.