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Bond prices in the U.S., Europe and Japan have been sliding since December. At 4.11%, European 10-year government bond yields are at the highest level since 7/6/06, while at 4.88%, U.S. bond yields are at their highest level since 8/15/06.

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Graphic courtesy of Michael Panzner

From the Fed's perspective, while falling energy prices have acted as the equivalent of rate cuts, rising yields are moving to cancel those out.

Source: Falling Bond Prices, Rising Yields