It is a scary déjà vu of the taper tantrum as the headline reads the same, rising yields slides markets. Global markets have started reeling under pressure of rising bond yileds even though central bankers continue to reassure support towards low rates.
The S&P 500 Index sank 1.5% seeing the largest fall in three weeks. The more cheap money dependent tech index the Nasdaq Composite sank 3% to the lowest in more than a week on the largest tumble in three weeks as well.
10 year Treasury yields climbed to 1.75% for the first time since January 2020, while the 30-year breached 2.5% for the first time since August 2019. Signalling that investors are anticipating a big build up in price pressures.