A bond selloff is rocking the world. You might want to take the other side.

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On Friday, a jobs report that blew past expectations pushed yields on 10-year Treasurys to 4.772%, the highest close since Nov. 1, 2023, and those on 30-year paper to 4.962%. What is spooking markets, however, is that much of the recent rise in yields doesn’t appear to reflect expectations of stronger economic growth.

Rather, it might be the result of investors applying a higher discount or “term premium" to hold long-term bonds, estimates by the Federal Reserve suggest. Some analysts attribute this to the possibility of Donald Trump’s promised tariffs derailing the global economy and leading to a jump in inflation, while his tax cuts bloat budget deficits further. Movements in term premiums are usually strongly correlated across the globe, and the consequences are being felt more starkly in weaker economies overseas, especially in Britain.

There, 30-year yields are trading around 5.4%, a 27-year high. U.K. Treasury chief Rachel Reeves, who has made a public pledge to appease bond markets while also attempting to set out some moderate growth ambitions in her latest budget, is under strong pressure.

France is also in the hot seat: The government is shackled by a parliamentary deadlock, and now has borrowing costs firmly above those of Greece. In a further sign of trouble, the pound and the euro are falling, with the latter sliding close to parity with the U.S. dollar.

The S&P 500 and the Stoxx Europe 600 ended Friday down 1.5%, and 0.8%, respectively. But counterintuitively, bonds may ultimately prove to be the safest place amid the storm. For one, the fiscal doomsayers are probably wrong: Countries that print