Rising Bond Yields Signal End of Cheap Money Era, Threaten Fragile Economies

Bond yields have risen rapidly in recent weeks, signaling an end to the era of low interest rates.

In the US, expectations for Fed rate hikes and a higher term premium are pushing yields up.

Higher US yields lead to rate hikes abroad as central banks move to defend currencies.

Italy faces a potential fiscal crisis from higher rates on its high debt load.

Japan is aggressively defending its yield curve control policy as global yields rise.