To The Moon

U.S. 10-year Treasury yields have risen to their 230-year average for the first time since 2007, Deutsche Bank data shows,highlighting the challenge of adjusting to higher rates. Bond yields determine governments' funding costs, so the longer they stay high, the more they feed into the interest costs countries pay. That's bad news as government funding needs remain high. In Europe, slowing economies will limit how much governments can unwind fiscal support. But higher yields are welcome to central bankers, doing some of their work for them by raising market borrowing costs. U.S. financial conditions are at their most restrictive in nearly a year, a closely-watched Goldman Sachs index shows.