New Delhi, Nov. 10 -- There are perhaps as many answers to the question of what explains the growing disconnect between central bank actions and long-term bond yields, as there are economists and market players.

Some would attribute it to ballooning public debt, especially in advanced countries and hence the markets' acknowledgement of fiscal realities dominating all other concerns.

Others would put it down to plain fear, regarding the growth outlook in an environment where expansion is already slowing, geopolitical tensions are rising and the end to the war in West Asia seems like a short-won reprieve, not a long-term solution.

Yet others would attribute it to the persistence of inflation.

What is clear is that long-term bond yields-...