Beware soaring bond yields, but don’t pull the trigger just yet As countries navigate the minefield of economic reopening, they have the makings of a new taper tantrum on their hands This article is an extract from The Telegraph’s Economic Intelligence newsletter. Sign up here to get exclusive insight from two of the UK’s leading economic commentators – Ambrose Evans-Pritchard and Jeremy Warner – delivered direct to your inbox every Tuesday. It is too soon to panic over the bond market massacre. The spike in global borrowing costs since January takes us back to pre-Covid levels. It is not a macroeconomic tightening shock.