IMHO this is an effect of the exponentially increasing wealth inequality.

We are allowing a tiny elite to hold a larger and larger fraction of the overall wealth, while workers, middle class AND the government are losing more and more of the wealth.

Governments, until now, are refusing to tax the uberrich, and continue to squeeze out workers and middle class in an attempt to stop the bleeding. Since this is bound to not work (workers and middle class are rapidly losing their share as well); governments are forced to scrap public services like health care, housing, schools, etc.

Bond markets are now realizing that the governments are not taxing the only fraction of society who owns everything - and so it makes sense that the bond markets become increasingly worried that governments can pay their interest at all.

Tax the rich.

I don't understand how this is a wealth inequality issue, excess capital should cause bond prices to go down not up, as more wealthy are competing for more investments driving bond yields down.