The rise in bond yields is a global phenomenon, rooted in investors’ unease over unchecked government spending and intensified by bets that central banks may keep interest rates higher for longer.

Global bond yields are up sharply in recent weeks and US oil prices are back above $90 per barrel. Now, investors are on alert for potential pressure on the stock market.

The bond market is in a sell-off with government debt and deficits rising, and interest rates and inflation spooking investors. But income is still critical.

Washington's spending and rising bond yields are driving up mortgage rates, killing cheap home loans and risking a recession.