The global bond market sell-off deepened on Monday, lifting the 10-year US Treasury yield above 2.7 per cent for the first time in nearly four years and sparking concerns that the roaring stock market rally could be vulnerable to a reversal.
Mounting optimism over the strength of the world economy has buoyed equities, which have enjoyed their best start to a year since 1987, but stirred concerns that long-dormant inflation might finally make a comeback and force central banks to turn more aggressive.
However, some investors and analysts are now questioning how long bond yields can continue to rise without puncturing the mounting euphoria in global stock markets.
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