Once unthinkable bond yields now the new normal

End of easing: A cyclist passes the US Federal Reserve building in Washington. Asset managers say markets have been wrong about inflation coming down rapidly. — Reuters

New York: It was the week that bond markets finally seemed to grasp what central bankers have been warning all year: higher interest rates are here to stay.

From the United States to Germany to Japan, yields that were almost unthinkable at the beginning of 2023 are now within reach.