- Global bond yields have surged to multiyear highs after weeks of selling, tightening financial conditions without any further action from policymakers.
- Rate-hike expectations priced into swaps across eight major economies have fallen by almost 200 basis points since mid-September, according to Bloomberg data.
- Higher market borrowing costs are doing part of the tightening work for central banks, reducing the number of benchmark rate hikes needed to bring inflation under control.