The Globe and Mail reports in its Wednesday edition that a fall in global bond prices pushed long-term borrowing costs in developed markets to multiyear highs on Tuesday, with Canadian long-term government bond yields reaching their highest level since 2009. The Globe's Andrew Galbraith writes that Canadian yields rose alongside U.S. 30-year Treasury yields, which reached a peak not seen since 2007 due to the Iran war. This global bond sell-off highlighted how longer-term yields for Canadian fixed-income investors are affected by international events outside the Bank of Canada's influence. Rising yields increase the cost of debt financing for government and corporate borrowers, but also weigh on the price of outstanding bonds. Analysts and market participants struggled to point to a specific catalyst for the market moves on Tuesday, which extended months-long rises in yields. Fiera Capital's Nicolas Normandeau said that a "patient" Federal Reserve, combined with persistent inflation and large deficits, has been putting pressure on longer-term bonds in the United States. He said, "It's a global phenomenon." Capital Economics said unease around "ambiguity" in the Fed's policy framework was also a contributing factor.