Ah, the bond market. The financial world's moodiest teenager, throwing a tantrum that's sending shivers through chancelleries and budget spreadsheets alike. As inflation fears trigger a global bond sell-off, UK long-term borrowing costs are threatening to halve the chancellor's budget headroom. Andy Burnham, take note: the Guardian's view on this global bond shock is that you should - well, you should take note. That's the advice. Deeply insightful, we know.

Meanwhile, over in the budget airline sector, Ryanair has decided to play it slightly less fast and loose with its passenger targets. The airline has trimmed its target for the current financial year from 216 million customers down to 214 million. Why? To reduce exposure to what they're calling 'unhedged winter oil' during those famously unprofitable winter months. Because nothing says 'festive cheer' like a spike in jet fuel prices and fewer people flying to Dublin for the holidays.

On a more serious note, the sovereign debt landscape for emerging and low-income countries has been gradually improving. Thanks to domestic policy efforts and international cooperation, progress has been made - but it's been uneven, like a badly frosted cake. Persistent risks and uncertainty in the global economy, including spillovers from the significant increase in yields in advanced economies, are calling for policy discipline and underscoring the importance of building buffers. Because nothing builds character - or fiscal resilience - like a good buffer.

The increase in global interest rates is of particular concern. As key advanced economy yields rise to multi-year highs, they lift most of the world's yield curves up with them. In some emerging markets, this more than fully offsets the hard-won spread compression. So all that hard work narrowing spreads? Gone, like a New Year's resolution by February. The bond market giveth, and the bond market taketh away.