Canada auctioned long-term treasury bonds with the highest yield in 19 years, and the risk of upward inflation is driving up borrowing costs for governments around the world. The Ottawa government sold $3 billion of treasury bonds due June 1, 2059 on Thursday, with an average yield of 4.201%. This is the highest yield from the Canadian 30-year treasury bond auction since July 2007, when the credit crunch began to spread in the global market and eventually triggered a major financial crisis the following year.

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