If rising bond yields are driven by fiscal stress, why are yields also rising in low debt countries like Australia? Fiscal stress may explain why yields are rising more in countries such as the UK, but it cannot explain the global selloff on its own. I don’t think inflation and geopolitical risks tell the whole story either. Governments are issuing more bonds as central banks buy less, leaving private investors to absorb more supply. Changes in how bond funds buy and hedge that exposure, including leveraged Treasury futures trades, may be amplifying the move. The question is how much each force contributes. Higher yields does not just equal debt to GDP over 100%+.