“Never try to time the bond market. Anyone who claims to know the future of interest rates is certifiable.”
- Jane Bryant Quinn, American financial journalist

The Through Line: Until recently, equity markets largely looked the other way while intermediate and long-term bond yields pushed steadily higher. That resilience has been tested of late, however, after a catalog of concerns began to challenge the outlook. Extra volatility has been injected into a normally steady corner of the markets thanks to sticky inflation, sovereign indebtedness, record levels of issuance, ongoing wars,
constantly shifting tariff policy and all the unknowns arising from new leadership at the U.S. Federal Reserve. This week, we tackle the primary factors driving sovereign yields higher – and the implications of those developments for the economy and investors.

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