The significant policy tightening priced in offers high carry and a favorable balance of probabilities.

Market support mechanisms and accounting creativity are no substitute for improved fundamentals.

With rising chances of rate hikes, short-term rates rise while long-term rates stabilize

US rates remain volatile following Bessent’s intervention and ahead of Warsh’s Jackson Hole speech

The rise in global long-term rates gains momentum and weighs on bond-market performance

Interest rates pulled back after their July rise, while the US tech sector continues to underperform amid massive hyperscaler debt issuance

Central banks stood still, but bond markets did not

Brent oil price passed $100/barrel last Thursday, pushing global government yields to year-to-date highs

Rising energy prices amid renewed tensions in the Middle East, and fiscal policy fears in the UK keep long-term rates under pressure

Renewed geopolitical tensions around the strait of Hormuz bring back interest rate volatility