AXIOS (Neil Irwin) - Investors want a bigger reward for lending money
Data: Federal Reserve Bank of St. Louis, U.S. Treasury Department; Chart: Courtenay Brown/Axios The relentless run-up in Treasury yields reflects the globe's new economic reality: It takes a much richer reward to persuade investors to lend their money, especially for the longer run. Why it matters: Unlike previous bond sell-offs driven by inflation fears, this one reflects a world in which governments and companies are scrambling for enormous amounts of capital to finance wide fiscal deficits, the AI infrastructure buildout and more. - The competition is forcing borrowers to pay more. - The good news is that inflation expectations appear to be in check, so the moves don't necessarily compel any immediate reaction from the Federal…