Global bond selloff deepens as inflation risk, oil jolt mkts

Global bonds sold off sharply on Wednesday, extending a rout that is raising borrowing costs to multi-decade highs as the Middle East conflict pushes up energy prices, playing into investor fears about inflation and ballooning government debt.

Sovereign yields are a reference ​point for asset prices across financial markets and the higher price of money means higher mortgage rates for consumers and tough choices for ​government spending as funding costs climb.