A month ago, you could almost hear Central banks around the world taking a huge sigh of relief, as it seemed they had more control over inflation than they did a year ago. However, global bond markets continue to exude caution on a potentially resilient inflation environment. In recent weeks, US Treasury yields continue to climb to new highs. In the UK, bond yields are at a 25 year high, pushing up the government’s long-term cost of borrowing. The Australian 10-year bond yield is at its highest level since 2011.