Global bonds are under severe pressure from the latest surge in energy prices, which has wiped out investors who had hoped the worst sell-off of the year was over and put central banks' credibility to the test. Benchmark British government bond yields this week recorded their longest streak of daily closes above 5% in nearly two decades, while German 10-year bond yields reached their highest level since 2011, and Japanese yields approached levels not seen since the 1990s. The yield on 30-year US Treasury bonds also remained below its highest level since 2007, while short-term Treasury yields this week reached their highest level in more than a year.