The global bond market has slipped its central-bank anchor. The days of bond nirvana, where seemingly every month brought lower yields – and higher prices – are over for now.

Until September, fixed-income investors had everything going their way. Global inflation has been quiescent, and global growth fragile. Central banks, particularly the Bank of Japan and European Central Bank, have been ever-more inventive in monetary policy. And then June's Brexit vote hammered yields lower as markets feared turmoil and expected more central-bank responses.