Recent movements in fixed income markets suggest that the cycle of rate cuts by major central banks may be nearing its end.

Global long-term yields have reached their highest level since 2009, reflecting doubts about monetary policy, inflation, and fiscal discipline.

In the US, the discussion about the independence of the next Fed chair adds a risk premium to the yield curve, while Europe, Japan, and Australia are already showing a retreat in bets on easing.

The "disappointment trade" in bonds is gaining momentum, with investors repricing a world of persistently higher interest rates.