The bond market maths does not add up for governments
Higher yields look probable, forcing countries to pay more to fund their ever-growing deficits
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The bond doom-mongers have got at least one thing right
Pressure on government borrowing costs is building
Central banks can brush aside rising long bond yields
Their credibility is strong, the spillovers are small and financial conditions are improving
The bond vigilantes will keep on circling
Investors are losing faith in the ability of western governments to rein in spending
The lines between monetary and fiscal policy have blurred
In an era of high debt, it may be difficult for central banks to act without considering the knock-on effects for government
Private credit funds strained as borrowing costs edge higher
Bond investors and banks are seeking greater premiums on new financing as a precaution before lending
Investors warn of ‘new era of fiscal dominance’ in global markets
Combination of record government debt and rising borrowing costs puts central banks under pressure