The rout on the sovereign bond markets is sharp and for some, brutal. Is this a June "blip" or a longer term trend?
Simon Fasdal, a senior Fixed Income trader for Saxo Bank, says it's all down to the Fed and speculation that Ben Bernanke's QE programme could be about to slow. But it could also be a sign of a normalization in global markets.
Simon suggests that some of the shorter term, higher yielding bonds could be the place to be right now but so-called safe haven bonds continue to look like the "big loser".