For the vast majority of this year, the big story in global markets has been the relentless rise of bond yields. Probably the world’s most watched market indicator, the US 10-year Treasury yield, surged from 4 per cent in March to 5.3 per cent early this month, raising the cost of capital for every borrower in the world, from the corner store to the biggest governors.
But in the past few weeks, something has changed. The 10-year Treasury yield finished last week a touch below 5 per cent.
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