The US bond market faced its worst day since March 2020 due to higher-than-expected inflation, causing 30-year yields to surge by 19 basis points and 10-year yields to rise by 14 basis points. The 10-year yield reached a 16-year high of 4.7%, marking a significant increase from 0.84% in the past three years. This surge raises concerns about 10-year bond yields reaching 5%, impacting new investments and pushing 30-year home-loan rates to a 23-year high of 7.5%. The rise in yields also poses challenges for debt refinancing, and increased bond-market volatility is anticipated in the coming weeks. Axis Bank's chief economist and part-time member of the EAC-PM Neelkanth Mishra explains U.S. Bond Market.