0317 GMT - Global bond markets are pricing in a new rate cycle, not a fiscal crisis, Neuberger's Ashok Bhatia says in a note. Bond markets got what they anticipated last week, with the Fed and the Bank of Japan raising rates, the chief investment officer says. Over the past few months, anxiety around government debt and deficit levels has risen notably, but that's not what the bond market is pricing in, he says. Yield curves are flattening in a textbook tightening-cycle pattern; front-end yields rising faster than the long end, he says. The Japanese central bank continues to flag broadening inflation risks. How far the BOJ goes may hinge as much on next March's Shunto wage talks as on near-term data, he says.