Yields surge globally as inflation fears trigger bond sell-off

Markets Yields surge globally as inflation fears trigger bond sell-off

US treasury yields hit 19-year high as market expects Fed to lift rates this week

Central banks around the world are under pressure to raise interest rates in the face of higher inflation. (Nikkei montage/Source photos by Akira Kodaka)

TOKYO -- Long-term interest rates are rising sharply around the world, fueled by rising oil prices and government spending in major economies, sending U.S. Treasury yields to a 19-year high and yields on the Japanese government bond (JGB) to their highest level in three decades on Tuesday.