Fears over sticky inflation and even the dreaded stagflation are hitting the markets this week. Investors are growing more anxious that global interest rates will stay higher for longer, a worry that has knocked shares in recent days, as the yields or rate of return on government bonds push higher.
A rise in global yields is forcing a re-rating in global equity prices, with Wall Street falling further overnight. Upward pressure on yields was compounded by a weak seven-year auction, reigniting fears about how the US will fund its rising deficit.
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