The selloff sweeping global bond markets looks painful, but it's nothing compared with the rout four years ago, when soaring inflation forced central banks into a series of rapid-fire interest-rate hikes. The difference is scale.
While the latest pullback has driven yields to multi-year highs in the world's biggest markets, the move is just a fraction of the one seen in late 2022. Global government bond yields have risen 17 basis points on a rolling 20-day cumulative basis, compared with 62 basis points back then, data compiled by Bloomberg show. On a peak-to-trough basis, bonds have lost 4.2% this year - a far cry from the 23% plunge seen in 2022.
