Bonds everywhere are falling on signs that central banks will raise interest rates

Global bonds fell after two shock rate hikes this week gave traders a reality check that central banks are far from done fighting inflation.

Shorter-dated Treasury yields are near their highest since March, while their Australian equivalents have jumped to levels last seen more than a decade ago. Investors are back with government debt after The Bank of Canada joined the Reserve Bank of Australia in surprising markets with several rate hikes to combat stubbornly fast consumer price increases.