Anyone in financial markets can tell you it’s not how much prices change that causes pain, it’s how fast they change.Just look at global bond markets. That the 10-year US Treasury yield could hit 4.96 per cent, as it did on Thursday night in yet another ugly night for bonds, isn’t what’s worrying markets. It’s the fact that the world’s most important bond yield – the rate that sets the global cost of capital – could shoot up from below 4 per cent in less than seven months.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles