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The global savings glut is over and governments have to pay up to borrow; the U.S. situation is especially risky.

Bond yields have spiked this week on investor concern over the tax bill swelling the US deficit. Here's why markets are worried.

Chip behemoth Nvidia is closing the U.S. earnings season, as investors digest the appearance of the bond vigilantes in the usually rather sedate corner of long-term government debt.

With the U.S. economy close to full capacity, more borrowing adds inflationary pressure, and so could lead the Fed to keep rates higher for longer.

"Major financial events often happen first in Japan, for example the late-1990s tech bubble bursting first in Japan," Albert Edwards wrote Thursday.

The Japanese government bond market was already having a bit of a springtime nightmare, but a poor auction of 20-year debt earlier this week has sent long-end yields soaring to their highest levels ever.

After a week of rapid increases, yields on Japan’s 30- and 40-year government bonds dropped more than 10 basis points in late trading on Friday.