The US-hosted G20 meeting, beset by trade and diplomatic squabbles, wrapped Tuesday after failing to ease investors’ concerns over a global bond market sell-off.
As global bond yields hit multi-decade highs, the gathering of finance ministers ended without a consensus after China objected to language used in the communiqué about eliminating “non-market policies” driving global imbalances. The Europeans, meanwhile, refused to take the “family photo” with their Russian counterpart, whose presence galled US allies already put out by the Iran conflict, along with Washington’s trade war and bond market interventions.
For anyone hoping the G20 summit “suggested an end to the deficits, inflation and geopolitical disruptions… roiling investors,” The Wall Street Journal’s chief economics commentator wrote, “you’ve been disappointed.”