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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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yieldupswing

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