Over the past week, 10-year government bond yields across the world, both developed and emerging markets, are rising simultaneously.

And as far as I'm concerned, that's not a good sign.
Risky assets are down, yet bond yields are rising at the same time.
That points to capital outflows across the board, not a rotation, but an exit.
So the question is: where is the money going? Or is everyone quietly positioning for something major?