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. "People are worried about some of the inflationary implications from a trade war, and they're also concerned about an increase in treasury issuance to fund deficit spending," said Ian Lyngen at BMO Capital Markets. "Since we don't actually know what Trump is going to do, the market is just taking a guess at what could potentially occur. And when the market does that, there's a tendency to overcompensate or overcorrect."