High U.S. Treasury yields attract institutional investors to buy. Is European debt brewing the next round of bond market turmoil?

As yields climb to multi-decade highs, some institutional investors are starting to bottom-fish U.S. Treasuries again. But market participants still worry that France's debt crisis and Spain's political turmoil, combined with the United States' own structural fiscal deficit, could push the global bond market into a new cycle of turbulence.