The Globe and Mail reports in its Tuesday edition that the global bond market sell-off that started in the fall has accelerated into the new year, as investors brace for Donald Trump's return to the White House and adjust to the possibility that the U.S. Federal Reserve is nearing the end of its easing cycle. The Globe's Mark Rendell writes that this has raised borrowing costs around the world, even as central banks have continued cutting short-term interest rates. The trend is being led by the U.S. Treasury market, where the yield on 10-year government bonds has risen a quarter-percentage-point since the start of the year, reaching 4.8 per cent on Monday. The trend is more muted in Canada, although the yield on 10-year bonds has still risen from 2.9 per cent in September to around 3.5 per cent today. The key question for investors is whether rates keep marching higher or begin to stabilize. Gennadiy Goldberg at TD Securities said he sees room for bond yields to fall in the coming quarters, although much depends on whether Mr. Trump follows through on his trade war. Even then, Mr. Goldberg said the Fed will likely look through a one-off price shock that comes with tariffs, and not respond by raising interest rates.