To See Long Bond Volatility Clearly, Look Globally | Insights | Fisher Investments UK

This Fisher Investments analysis challenges common media narratives about recent bond yield increases across developed markets.

The article argues that financial media incorrectly attributes rising bond yields to country-specific issues like UK budget concerns, US tariff disputes, or French debt worries. Instead, the authors demonstrate that 30-year government bond yields have risen simultaneously across multiple developed nations, including Italy, Spain, Canada, and Australia—countries without significant fiscal concerns. This global pattern suggests bond market movements reflect worldwide sentiment shifts rather than domestic political or economic factors.

• Bond yields are highly correlated globally, moving together regardless of individual country circumstances
• Recent yield increases appear to be normal market volatility rather than crisis indicators
• Steepening yield curves from rising long-term rates and falling short rates historically signal stronger economic growth ahead
• Media focus on deficit fears creates unnecessary market anxiety that bull markets typically thrive on