According to Jinshi, an index shows that global government bonds fell by about 1.6% from May 16 to May 29. So far this year, it has fallen by about 5.2%, wiping out all the gains at the end of last year. Recently, longer-term bonds have been particularly under pressure, and the US 10-year yield is set to record the largest weekly increase since mid-April. Ian Pollick, global head of FICC strategy at Canadian Imperial Bank of Commerce, said: "This year should have been the year of bonds, but it turned out not to be the case. We are now in a state of 'higher and longer'. Therefore, the bond market is trying to readjust."