New Delhi, Sept. 17 -- It started subtly. No headline-shaking event, just a steady shift - US 10-year Treasury yields, long in the comfort zone of sub-4%, quietly crept from 4.23 in late August to 4.27% by September 2, as investor worries mounted about long-term borrowing needs and inflation risks.

September has often proven to be a pivotal month for bond markets, especially as the summer liquidity lull dissolves and fiscal realities resurface. Traders know that as the US Treasury refines its borrowing calendar after August, and as central banks recalibrate strategies, September sets the tone for the rest of the year.

For Indian investors with exposure to US bonds or bond ETFs, this upward tilt isn't abstract - it's real money, in poten...