Surging bond yields are something investors have rarely seen the last three decades or so.

But they’ve been on full display recently, which has sent stocks generally lower and prompted debate about what it all means.

Are bond yields merely returning to more normal levels after years of extraordinary stimulus from central banks and governments?

Are they indicating investors see a stronger economy ahead post-pandemic, and reflecting the potential for higher prices?

And/or could bond investors be signalling their concern the Federal Reserve will not be able to control inflation if the economy runs hotter than expected?

We’ve got some answers.

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