The Globe and Mail reports in its Saturday edition that bond yields are surging, tantalizing investors with an income stream that might look attractive. The Globe's David Berman writes that the yield on the 10-year U.S. Treasury bond blew through 5.1 per cent on Wednesday, surpassing its 2023 high point. Early Friday, it topped 5.2 per cent. Though war and rising energy prices are driving inflationary pressures, some challenges are more intractable. In particular, bond yields may be responding to massive government deficits and debt levels, where few observers see any near-term solution. In the U.S., total publicly held debt crossed the $40-trillion (U.S.) threshold last month, representing 100 per cent of the country's gross domestic product. The bull market for bonds, which persisted since the 1980s as inflation declined with global trade and aging demographics, may be over. "This isn't a structural bull market any more. The playbook that worked over the past few decades, we need to reassess," said Bipan Rai, head of exchange-traded funds at Bank of Montreal. Given that financial markets are expecting central banks to increase their key rates into next year, Mr. Rai isn't enticed by today's higher bond yields.