---
title: The biggest elephant in the room IS NOT stocks, it is the bond market
description: "The US 10-year Treasury yield spiked +13 basis points on Friday to 4.38%, the 2nd-largest single-day jump since the April 2025 Liberation Day sell-off.\n\nSince early March, the 10-year yield has surged +45 basis points, the fastest rise in nearly a year.\n\nThe bond market sell-off is being driven by soaring oil prices fueling inflation fears, hawkish signals from the Fed and Bank of England, and hedge funds being forced to unwind leveraged bond trades at a loss.\n\nIf yields rise another 20 to 30 basis points from here, it could trigger a liquidation cascade across all asset classes as institutional trading desks would have no choice but to slash risk exposure, similarly to April 2025.\n\nSource: Global Markets Investor"
---

[Syz The Moment](https://blog.syzgroup.com/syz-the-moment)

# [The biggest elephant in the room IS NOT stocks, it is the bond market](https://blog.syzgroup.com/syz-the-moment/the-biggest-elephant-in-the-room-is-not-stocks-it-is-the-bond-market)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Mar 23, 2026, 1:39:42 PM

[View full post](https://blog.syzgroup.com/syz-the-moment/the-biggest-elephant-in-the-room-is-not-stocks-it-is-the-bond-market)

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