The Globe and Mail reports in its Saturday edition that bond yields are surging, tantalizing investors with an income stream that might look attractive. The Globe's David Berman writes that the yield on the 10-year U.S. Treasury bond blew through 5.1 per cent on Wednesday, surpassing its 2023 high point. Though war and rising energy prices are driving inflationary pressures, some challenges are more intractable. In particular, bond yields may be responding to massive government deficits and debt levels, where few observers see any near-term solution. In the U.S., total publicly held debt crossed the $40-trillion (U.S.) threshold last month, representing 100 per cent of the country's gross domestic product. The bull market for bonds, which persisted since the 1980s as inflation declined with global trade and aging demographics, may be over. Daniel Straus, managing director of ETFs and financial products research at National Bank of Canada, said that the flow of money into exchange-traded funds still heavily favours equities. "It seems like everyone and their cousin very much wants to participate in the latest round of tech growth," he said. And bonds? "The appetite for fixed income doesn't seem to be taking root."