Government bond markets sold off across major economies on Tuesday, driving long-dated yields to multi-year highs and amplifying concerns over liquidity in parts of the market. In the United States, yields on 10- and 30-year Treasuries hit session peaks, with the 10-year rate edging closer to 4.3%. The move came ahead of the latest U.S. consumer-price report, keeping traders on edge over the Federal Reserve’s policy path. European debt followed suit. Germany’s 30-year yield jumped to its highest level since 2011, while the U.K.’s 30-year gilt yield rose nine basis points to 5.48%. China’s 30-year sovereign yield also climbed to its strongest level since April, underscoring the global nature of the selling pressure. Japan experienced an unusual bout of illiquidity: the benchmark 10-year government bond went untraded in the secondary market all day Tuesday, a first since March 2023. Trading resumed Wednesday, with the yield up 1.5 basis points to 1.515%. Five-year and 30-year JGB yields edged higher to 1.055% and 3.095%, respectively, and the Finance Ministry announced a five-year bond auction as dealers flagged renewed worries about volatility. The synchronized rise in yields reflects investor expectations of prolonged higher policy rates and larger fiscal deficits, exacerbating volatility ahead of upcoming inflation releases and central-bank meetings.