Global Bond Selloff Drives Yields to 2008-High as Oil and Inflation Bets Grow

Global bond yields rose to about 3.72% on Bloomberg’s gauge—the highest since mid-2008—driven by higher oil prices, inflation fears, and expectations the Fed will raise rates again, with Jackson Hole remarks signaling a higher-for-longer path; yields also rose in Japan and Australia amid energy-disruption concerns over the Strait of Hormuz.