Global interest rates jumped Friday to their highest level since the U.K.’s vote to leave the European Union, in a sharp global government-bond selloff sparked by hawkish comments from Federal Reserve officials and policy inaction by the European Central Bank.

The selling pushed the benchmark 10-year Treasury note TMUBMUSD10Y, 0.669% to 1.675%, its highest level since June 23, the day of the Brexit vote, while the 10-year Germany bund yield TMBMKDE-10Y, -0.513% turned positive for the first time since the Brexit vote. Yields rise as bond prices fall.

The sharp move vindicated analysts that had been warning investors not to get complacent during the recent global bond rally that inflated prices to their most expensive levels in history, pushing global yields to all-time lows, in many cases in negative territory.

Peter Boockvar, chief market analyst at The Lindsey Group, said in an email that the global bond meltdown over the past two session proves his long-held conviction that “global interest rates have bottomed and that the post-U.K. vote referendum was the final blow off.”

And he is not alone. A day earlier, DoubleLine Capital CEO Jeffrey Gundlach said in his quarterly webcast on markets and the economy that interest rates have bottomed and that investors should turn bearish on bonds.

Also read:How Jeff Gundlach’s Fed-tightening talk set stage for a stock, bond-market rout

But which type of investors would be most hurt by a significant rise in interest rates? Torsten Sløk, Deutsche Bank’s chief international economist, pointed to the following chart that shows ownership of various countries’ government bonds by different types of investors.

Deutsche Bank

As the chart shows, nearly 50% of U.S. Treasurys are owned by private investors—40% by U.S. investors and about 10% by foreign ones—while total foreign ownership, including the official sector, banks and private investors, amounts to 35%.

Indeed, strong demand for the relative value of U.S. yields by investors fleeing ultralow interest rates in Europe and Japan has been cited as one of the main reasons why Treasury yields tumbled in June to all-time low levels—even if unwarranted by economic fundamentals.

At the same time, high foreign ownership means that bond-selling trends initiated abroad can push U.S. interest rates higher, in the event that interest rates rise in other parts of the world.

A high level of foreign ownership isn’t unique to the U.S. Treasury market. According to Deutsche Bank’s research, nearly 55% of German bunds are owned by foreign investors.

Indeed, the global interconnection of government-bond markets became apparent on Thursday, when the ECB’s reluctance to provide further stimulus sparked a bond selloff in Europe, which spilled over to the U.S., causing Treasury yields to jump by the most in a month.

On Friday, the global selloff continued after Boston Fed President Eric Rosengren, who is a voter this year on the Fed’s interest-rate setting board, said the U.S. central bank could resume gradual rate increases as the risks facing the economy are more in balance.

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In other words, the whole world is “one bubblicious bond market now, the biggest financial bubble we’ve ever seen,” Boockvar said. “And hold on to your hat if this bubble is beginning to shed air—which I believe it is.”