Tickmill's Patrick Munnelly said in a report investors have raised expectations
for central-bank rate hikes in the coming months, pushing average global
government bond yields to about 4%. Resilient US, Asian and European activity
and persistent inflation concerns are prompting markets to price further
tightening; LSEG data shows investors expect the Fed, ECB, BOJ and BOE to each
raise rates three times or more over the next year.
