Global bond investors flee as Treasuries, gilts, JGBs hit multi-year highs on inflation persistence

Bond markets are undergoing a historic repricing as investors shed duration on rising inflation expectations fueled by the Iran war and oil shock. Treasury, gilt, and Japanese government bond yields have all hit multi-year highs, with institutional flows showing persistent outflows and retail savers rotating into money market funds, which now hold a record $7.75T in assets.