Central banks prepare to lift interest rates to 15-year highs as investors’ jitters grow

The world’s leading central banks are poised to raise interest rates this week to their highest levels since the financial crisis, stoking anxiety among some investors that this month’s record bond market rally underestimates the growing evidence of persistent inflation.

Bond prices have rapidly rebounded since the start of the year from last year’s historic sell-off, as markets bet that the pace of policy tightening will slow and, in…