London — Global shares traded around their lowest levels in more than a month on Wednesday and US treasury yields stuck near to their highest since November, as fresh fear about inflation and interest rates weighed on market sentiment.
A batch of surprisingly upbeat data in recent weeks has scotched a cross-asset rally that began last October, which was based on a scenario of the global economy cooling just enough to persuade hawkish central banks to pause rate hikes. “The economic data has been much more resilient than we all thought [it would be] and we have to accept that.”
That was a reversal of a strong showing for treasuries at the start of the year, when bonds rallied to reflect bets of inflation declining. The benchmark 10-year yield has risen about 60bps from its January low.
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