The Yield Awakening

Financial markets have entered a more unsettled phase, with long-term yields, until very recently, rising notably across the US, Europe, and Japan. While inflation persistence and increased government borrowing have played a role, the moves also reflect broader concerns about global policy credibility and capital market dynamics. In our charts this week we focus on:

• The US dollar and Treasuries
• Savings and investment imbalances
• Central banks' QE policies
• US productivity growth
• Productivity growth in other advanced economies
• Electricity prices