This Bloomberg chart illustrates the previous comment that higher government bond yields are a global phenomenon. What makes this cycle different from past ones includes: G7 Vulnerability: The debt cycle spotlight is as much on G7 economies (France, Japan, and the UK in particular) as on developing countries. Less Elastic Drivers: The primary catalysts driving yields higher—massive corporate and government supply and, to a lesser extent, oil prices—are less responsive to central bank monetary policy. Lagged Economic Responses: The repricing out of tech and government bond issuance will lag the damage that higher yields could inflict on traditionally rate-sensitive sectors, including housing, autos, and highly leveraged finance. #economy# #markets# #debt# #yields#