Rising bond yields are just a supply and demand story. The current and anticipated supply of bonds exceeds demand at current prices, so the market is repricing. It's not the end of the monetary system. Things are going to get a lot weirder in years to come, I wager. Fiscal space will demand a rising premium, and increasingly strict actions will be taken by states against their own domestic savings to manage that cost. It's a sliding scale of "we'd like you to invest more domestically" on one end and "we will compel you to hold govt bonds at set yields below market" on the other end. Encouragement → incentives → regulation → direction → compulsion The UK, Japan, Canada, and the U.S. are all at early left hand stages of this scale as they work to: change regulations (lower eSLR in the U.S.), create new domestic savings vehicles (Canada Strong), and reform pensions so that they invest more domestically (UK and Japan). Savers will be made to bear the burden of the fiscal spiral.(𝐓𝐗𝐌𝐂)