A global bond sell-off is deepening as hopes for multiple Fed rate cuts fizzle

1. Global bond market sell-off raises borrowing costs for consumers and businesses. 2. U.S. 10-year Treasury yield hits a 14-month high of 4.799%. 3. Higher bond yields indicate reduced likelihood of Fed interest rate cuts. 4. U.S. government deficit increased by 52% compared to last year. 5. Asian currencies depreciate as capital flows shift in response to yields.