Britain’s 30-year gilt — a debt security issued to finance its spending and investments — touched 5.8% this summer, the highest since 1998. Even the once-reassuring spread between Italian and French debt narrowed as markets reappraised the fiscal standing of Europe’s second-largest economy. The result is a world in which sovereign bonds, once the unquestioned safe asset, increasingly trade like risky credits. For more than a decade after the financial crisis, QE artificially depressed long yields. Policy lessonsThe repricing of sovereign debt is not yet a crisis.