The Tell: Investors face a long, hard road back to ‘normal’

Getting back to normal was never going to be easy.

Investors and policy makers got a reminder of that this week as European Central Bank President Mario Draghi and other central bankers sent signals that reiterated that the era of extraordinarily easy monetary policy will eventually run out.

Global bond yields are jumping and that’s sending ripples through global financial markets. Stocks SPX, -0.86%are lower—except for the financial sector, which tends to benefit from higher long-term yields. Gold GCQ7, -0.19% is lower despite the equity weakness and a softer dollar, with traders apparently paying more attention to the competition from those higher yields.

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