Return of the Reflation Trade?

Over the past week we have seen bond yields move higher. This has included an almost doubling of the German 10-year bond, from 0.25% to 0.46%; of the U.K.’s, from 1% to 1.25%; Canada’s, from 1.47% to 1.77%; and to a lesser extent U.S. Treasuries, from 2.14% to 2.28% (first chart). Now, we may be early, as one week does not make a trend. But after bond yields moved higher from last summer through...

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