The bond market is telling us the free lunch is over - Axios

An Axios analysis warns rising global bond yields mean the "free lunch" of heavy government spending is ending, as markets begin to price a cost for large deficits. It says supply disruptions are colliding with massive government borrowing and the funds needed for AI buildouts, driving higher inflation and upward pressure on yields. That diagnosis echoes recent market moves and strategist warnings that bond markets are under strain and long-term yields may stay elevated.