The bond doom-mongers have got at least one thing right
Pressure on government borrowing costs is building
Pressure on government borrowing costs is building

Investors are losing faith in the ability of western governments to rein in spending

Higher yields look probable, forcing countries to pay more to fund their ever-growing deficits

The market’s calm in the face of war is beginning to crack

History suggests the political approach ends in unsustainable debt and lower GDP

Rising public debt is one concern — another is how it is being financed

Their credibility is strong, the spillovers are small and financial conditions are improving