The bond market sell-off brings an "unexpected turn": Will global central banks raise rates fewer times?

Although the recent sell-off in global bond markets has left Wall Street on edge, the current trajectory of events could also bring an "unexpected silver lining" the bond market is beginning to share part of the burden of tightening monetary policy for central banks around the world. In other words, as the bond market pushes up borrowing costs on its own, it may be doing the "dirty work" for central banks: the number of interest rate hikes needed to control inflation could be reduced as a result.