Developed market government borrowing costs are at a 20-year flashpoint
Developed market bonds are trading near their yield highs, or price lows, last seen 15 to 20 years ago. While inflation is partly to blame, another factor is that many developed market sovereigns are running some of the widest fiscal deficits on record outside crisis periods, including the COVID-19 pandemic and global financial crisis. Thalia Petousis investigates how governments have reached this point, and what fiscal debt traps mean for investors when allocating cash to sovereign fixed income markets.
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