Summer of angst as bond yields surge and global stocks wobble

The MSCI All Country World Index is down nearly 6% from its recent highs, though still up 10% for the year. One key worry for investors is a surge in bond yields that has come as signs of stronger-than-expected growth in parts of the global economy fuel bets on central banks leaving interest rates at current levels for longer than expected. Meanwhile, U.S. real yields, which show what investors can expect to earn on government bonds after adjusting for inflation, stand near their highest point since 2009.