The United States 10-year Treasury yield, the benchmark for borrowing costs worldwide, topped the 4.1% mark, the highest since October 2008, with investors fretting about the prospects of a recession from aggressive central bank actions to tame inflation. Minneapolis Fed President Neel Kashkari was the latest policymaker to warn that the central bank might need to lift its policy rate above 4.75% if underlying inflation continues to accelerate. Elsewhere, the IMF now expects the euro area to grow at the weakest pace since 2001, except for the global financial crisis and the acute stage of the coronavirus pandemic, as an ongoing energy crisis, the war in Ukraine, and record inflation poses a significant risk for the region. Germany' s 10-year Bund yield, the European benchmark, rose to as high as 2.4%, closing in on its highest level since August 2011. Also, volatility is expected to remain elevated, with sharp moves in gilts sending shockwaves through other bond markets.