Global Bond Selloff Sends NZ Yields Soaring

New Zealand Government bond yields have reached three-year highs as investors worldwide continue to sell bonds amid rising inflation and fiscal concerns.

The move mirrors a global trend, with interest rates on US 30-year mortgages topping 7% for the first time in almost two years. This development comes on the heels of a selloff in overseas bond markets.

In New Zealand, yields have been increasing steadily over the past few months, but this recent surge is the most significant rise in three years. The global market's sell-off has put pressure on local bonds, making them less attractive to investors and driving up yields.