US inflation-adjusted bond yields are on the verge of turning positive for the first time since March 2020 in a surge that is heaping further pressure on riskier corners of financial markets.
So-called 10-year real yields have soared more than 1 percentage point since early March, hitting a high of minus 0.05 per cent on Monday, in a sign bond payouts are coming close to exceeding inflation expectations.
The jump in real yields has been triggered by the Federal Reserve’s bid to slow intense price growth by aggressively tightening monetary policy. The move is already eroding one of the pillars that has underpinned a powerful rally in stocks and riskier corporate bonds from the depths of the coronavirus crisis two years ago.
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