Rising bond yields are putting more pressure on global markets.

U.S. Treasury yields have climbed to multi-year highs, while investors are reassessing inflation risks, future interest rates and the cost of borrowing.

Higher yields can make risk assets less attractive and increase pressure on equities, especially when energy prices are also rising.

For traders, this is not only a bond market story. It can influence stock valuations, currencies, borrowing costs and overall market sentiment.

The key question is not simply whether yields are rising, but why they are rising and how long that pressure may last.

More yield can mean more opportunity, but also more caution.