The Globe and Mail reports in its Saturday edition that Canadian government bond yields jumped to multiyear highs on Friday as concerns over inflation, high oil prices and geopolitical uncertainty prompted a sell-off in global bond markets. The Globe's Andrew Galbraith writes that Canadian investors looking ahead to the release of domestic inflation figures on Tuesday, the increases reaffirmed expectations of possible central bank tightening. Higher inflation and interest rates, in turn, could have knock-on effects for Canadians' investment portfolios and mortgages. "The market is increasingly concerned that lingering elevated oil prices will result in higher inflation levels that may force the BoC to act by raising rates," said George Davis, chief technical strategist at RBC Capital Markets. By Friday afternoon, the benchmark 10-year Canadian government bond yield reached 3.7 per cent, its highest since late May, 2024, and the 30-year yield rose to 4.02 per cent. The closely watched five-year yield, which anchors five-year fixed mortgage rates, rose above 3.3 per cent, its highest since July, 2024. That level could put upward pressure on mortgage rates and further dampen a soft housing market.