The rise in bond yields is global. US markets have made the biggest headlines. But bonds are selling off everywhere else too. The ten-year yield in India has risen from 6.7% in June to 7.3% today. Over the same period, bond yields in France have risen a full percentage point. The UK’s yield has risen a similar amount to India’s. The story is similar in Japan, Canada, and other large economies. The only exception to this trend is China. China’s ten-year yield is roughly unchanged in recent months. What can we learn from this? For one, this is not a US specific phenomenon. It is not a case of investors losing faith specifically in US markets. Another important piece of data is stock returns. In the same countries where bond markets are down, stock markets have performed well. Or at least, they have not crashed. India is an exception to this, with its stock market performing poorly.