Last year, this column addressed the relentless rise in longer-dated bond yields. The central premise of the column was that longer-dated developed market bond yields had continued upside risks, due to the following factors: higher levels of inflation; huge debt issuance; higher levels of nominal GDP growth. Recent events in international bond markets have given reason to offer an update on the original column, and the conclusion is much the same: expect significantly higher longer-dated bond yields. A strange sort of intervention In late August, US Treasury Secretary Scott Bessent announced that the Treasury would increase the scale of its…

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