0514 GMT - The recent largely synchronized global rise in government bond yields has left investors scrambling to understand the reason, says BNP Paribas Asset Management's Daniel Morris in a note. Most headlines have focused on rising inflation and concerns about government debt sustainability as the culprits but low liquidity in August is also one possible explanation, the chief market strategist says. "Higher oil prices and the resulting inflation stemming from the Middle East conflict have been a key factor since the start of the war, but the importance of oil prices has waned somewhat over the last few weeks," he says. However, given the low liquidity, "one should not try to overanalyze the situation as yields could fall back once everyone returns to the office."