Risk is everywhere you look. Long-term interest rates seem to be grinding inexorably higher: in the past month, the US 10-year Treasury yield has marched towards 5 per cent while Australia’s 10-year yield has pushed through that threshold.We have witnessed the inception of a globally synchronised hiking cycle, with the Reserve Bank of Australia, the Reserve Bank of New Zealand, the European Central Bank, Norges Bank and others lifting rates.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles