(Bloomberg) -- German bond yields surged to the highest in almost seven years, marking a sharp turnaround from negative levels last month.
The rate on 10-year German bonds surged 11 basis points to 0.82%, the highest since September 2015. The securities have been at the forefront of a global bond selloff driven by surging inflation, with even the traditionally dovish European Central Bank contemplating rate hikes.
Money markets are pricing two-quarter point ECB rate hikes by October, and they are two basis points away from wagering on a third such increase by December.
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