From record lows just after the Brexit vote – government bond yields have spiked higher. Ten year bond yields have risen from 1.36% in the US to 2.2%, from -0.19% in Germany to 0.31% and from 1.81% in Australia to 2.64% in four months. This in turn has led to sharp falls in high yield share market sectors like real estate investment trusts and utilities that had benefited from the fall in bond yields as investors sought higher yields. The back-up in bond yields has been given an added push by the election of Donald Trump as President of the US. So this all begs the question – have we seen the end of the 35 year super bull market in bonds? What does it mean for investors?