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- The US bond market is braving the biggest sell-off in history, with benchmark yields quintupling since the end of 2020.
- The rout is far from finished, and long-dated yields are set to extend the climb, according to BlackRock.
- Inflation, the Fed's higher-for-longer interest-rate policy, and the rising US debt burden are weighing on the market.
The US bond market is in the throes of an unprecedented three-year rout – and the selloff has room to run further, according to the world's biggest asset manager.
Benchmark 10-year yields have already more than quintupled since the end of 2020 as the market reeled from the impact of decades-high inflation, a steep surge in interest rates, and fears of a sovereign debt crisis.