The Globe and Mail reports in its Wednesday edition that government borrowing costs reached their highest level since the 2008, with 10-year U.S. Treasury yields exceeding 5 per cent. A Reuters dispatch to The Globe reports that the average 10-year yield for the G7 economies reached 4.285 per cent, a full percentage point above pre-Iran-war levels. Treasury Secretary Scott Bessent said rising bond yields were due to "global issues," but provided no specific details. The Federal Reserve is expected to raise rates for the first time since 2023 on Wednesday. The bond selloff has increased borrowing costs for governments, leading to higher interest bills that divert funds from social and defence programs, raising concerns about the sustainability of their debt. Investors are also dealing with new Federal Reserve chair Kevin Warsh's dislike of forward guidance, meaning uncertainty -- and therefore, volatility -- is picking up and investors are less willing to offer policy-makers the benefit of the doubt. StoneX's Shriya Samarth says: "All central banks are now following this new era of no forward guidance, just building up credibility and trust. And as you can see now in the bond markets, that currently isn't working."