Group 1 - Global bond yields have reached levels not seen since 2009, indicating concerns that interest-rate cutting cycles may be nearing an end in various countries, including the US and Australia [1] - A Bloomberg gauge of long-dated government bonds has returned to 16-year highs, with market expectations reflecting no further rate cuts from the European Central Bank and anticipated rate hikes in Japan and Australia [2] - In the US, yields on 30-year Treasuries have risen to multi-month highs as investors adjust their outlook on monetary policy, inflation, and fiscal discipline [3] Group 2 - The Fed's price gauge increased to 2.8% in September, significantly above the central bank's target, raising concerns about the independence of the next Fed Chairman and contributing to a risk premium in the Treasuries curve [4] - A "disappointment trade" is emerging in developed markets as investors recognize that the central bank rate-cutting cycles may be concluding, impacting long-term US rates [5] - The market shift reflects a growing belief that the rate-cutting cycle, which was initiated to stimulate growth, is coming to an end, leading investors to reassess global growth and inflation risks amid rising government debt [6] Group 3 - Investors are demanding a higher risk premium due to increasing deficits, macroeconomic uncertainty, and a breakdown in the traditional negative correlation between equities and bonds, diminishing the diversification benefits of bonds [7] - Bond yields in Japan and Germany have also surged to multi-year highs, particularly affecting longer-dated debt due to expectations of increased debt issuance [7]