A sell-off in global bond markets is accelerating, fueling concerns over government finances and raising the specter of higher borrowing costs.

If year-on-year total and core CPI consumer inflation rates accelerate, financial markets risk turbulence as investors’ 2025 interest rate cut expectations fall further.

But minutes from their December meeting suggest that the decision was a close call — and that there is no guarantee policymakers will lower rates again anytime soon. The minutes of the central bank’s Dec.