Treasury yields rose to the highest in a year as rising energy costs and the outlook for more US government spending bolstered reflation trades. Rates on 30-year debt pushed above 2% to the highest since February 2020, while 10-year yields rose as much as six basis points to 1.265% after they began trading yesterday following a US holiday. German bunds and UK gilts extended declines after starting the week on the back foot. It all adds up to the worst start to the year since 2013 for a gauge of global bond performance as investors buy into signs the world’s economy is starting to recover from pandemic-induced shutdowns, prompting asset managers to ditch bonds and plow cash into stocks. Ris
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