Global Long-Term Yields Surge to Multi-Decade Highs, Signaling Regime Shift

Long-term government bond yields are breaking multi-year records worldwide: US 10-year hit 5.369%, highest since 2002; Japan's 10-year exceeded 3% for the first time this century; Belgium's 10-year surpassed 4%, a level unseen since 2011. The synchronized rise suggests a structural repricing of term premia and inflation expectations, not a transient move. This matters because global asset valuations, from equities to real estate, are anchored to these yields, and sustained increases could tighten financial conditions and pressure risk assets.

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