The name is Bond. Treasury bond! The bond is back. And right now, Bond is having a rather consequential moment. The yield of 10-year US Treasuries, or US government bonds, has climbed to 5.18%, its highest since 2007, while the 30-year yield has touched 5.47%, a level not seen in 22 years. For most people outside financial markets, these may look like just two numbers on a screen, but they help set the price of money across the world. And when the world's benchmark bond starts offering investors a much higher return, the effects can travel from Washington to Mumbai, affecting the rupee, Indian government bonds and the RBI's room to manoeuvre.