Financial markets have entered a more unsettled phase, with long-term yields, until very recently, rising notably across the US, Europe, and Japan. While inflation persistence and increased government borrowing have played a role, the moves also reflect broader concerns about global policy credibility and capital market dynamics. In our charts this week we focus on: The US dollar and Treasuries Savings and investment imbalances Central banks' QE policies US productivity growth Productivity growth in other advanced economies Electricity prices