A global bond sell-off continued on Thursday, heaping pain on bondholders and driving some yields to their highest levels in more than a month, as investors digested messages from central banks this week on rolling back easy-money policies, MarketWatch reports.

The US followed the lead of rising yields elsewhere, although the moves for the Treasury market were lagging behind their international counterpart. With global markets so interconnected, higher yields outside of the US could prompt foreign buyers to rebalance their portfolios in favour of far-flung bond markets, if only to avoid overexposure to US government paper.