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The International Monetary Fund said global bond markets remain orderly despite a sharp rise in government bond yields that has driven borrowing costs to their highest levels in decades.
The 10-year U.S. Treasury yield climbed to 5.34% on Thursday, reaching its highest level since 2002 as investors continued to sell government debt. The benchmark yield also posted its biggest quarterly increase of the century during the three months through September, highlighting the scale of the recent bond market downturn.
Selling pressure has not been limited to U.S. Treasuries. Government bond markets in France, Britain and Japan have also experienced rising yields as investors reassess inflation risks, interest-rate expectations and broader economic conditions.
Despite the widespread increase in borrowing costs, the IMF said there were no signs that global fixed-income markets were becoming disorderly.
"What we see globally is that bond markets are continuing to function in an orderly manner," IMF spokesperson Julie Kozack said at a press conference Thursday.
The comments come as higher government bond yields raise financing costs for governments, businesses and consumers worldwide. Treasury yields are closely watched by financial markets because they influence borrowing rates across mortgages, corporate debt and other forms of credit.
Kozack also highlighted elevated energy prices as another major challenge facing the global economy. Prices for diesel, gasoline and jet fuel have increased between 60% and 97% compared with levels before the conflict, according to the IMF spokesperson.
The surge reflects the impact of the Iran war as well as constraints in global refining capacity, which have intensified pressure on fuel supplies and transportation costs.
Persistently high energy prices could add to inflationary pressures at a time when investors are already closely monitoring monetary policy and government borrowing. While bond yields have risen sharply across major economies, the IMF's assessment suggests that financial markets continue to absorb the moves without significant disruption to normal trading and market functioning.
