Budget deficits, higher inflation, and geopolitics make 10-year government bond yields continue to rise for world’s largest economies (US, UK, Japan, Germany). Even traditional safe havens now carry meaningful term premiums as quantitative tightening replaces years of bond market support. This is structural rather than cyclical, meaning that these rates will stay with us for long-term and impact all investment decisions.
China’s 10Y bonds are in decline. It points to weak domestic demand and deflationary pressure rather than policy strength.
New World Investment Research 
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