Global bond tantrum more worrying than ever

Major challenges: Treasury secretary nominee Bessent (centre) walks through Capitol Hill in Washington. Along with Musk, he has lambasted the nation’s sea of red ink, and backed policies that they believe will spur growth and thus tax revenues. — Reuters

NEW YORK: For those unsettled by the relentless rise in government bond yields in the United States and across much of the world lately, the message from markets is getting clearer by the day: Get used to it.

The world’s biggest bond market and global bellwether is leading a reset higher in borrowing costs, with the prospect of a prolonged period of elevated rates carrying consequences for economies and assets everywhere.