Government bond markets tumbled around the world, sending yields surging from Japan to the US on intensifying fears that the war-driven price shock will force central banks to raise interest rates to contain the impact.
The rout was led by longer-dated bonds that are the most vulnerable to accelerating inflation, sending 30-year US Treasury yields to the cusp of their 2023 peak. US 10-year yields rose 12 basis points to 4.6%, capping the biggest weekly jump since President Donald Trump’s tariffs threw markets into a tailspin in April 2025.
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