Across the world's major economies, bond markets are quietly registering a verdict that central banks have yet to formally acknowledge: that the pace of monetary tightening must quicken. Rising government bond yields — from Washington to Frankfurt to Tokyo — reflect the collective judgment of investors who believe inflation, labor markets, or other economic forces are running hotter than official policy paths can contain. This tension between institutional guidance and market reality places central bankers at a crossroads familiar to every era of economic transition: whether to lead, follow, o