“U.S. government bonds prices dived on Thursday as fears of tighter monetary policy globally fueled a break above 5 percent, unleashing another round of heavy selling.
Momentarily, yields across all maturities stood at or above 5 percent, the first such occurrence since July of last year.
The latest downturn was driven in part by a surprise interest rate hike in New Zealand overnight, and talk that Australia could follow suit.
While events in far-flung countries do not normally affect the benchmark U.S. bond market, the shift in global sentiment toward a concern with inflation was undeniable, and taking a visible toll.”
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