A Bearish Shift in Yields

Predictability? Forget it. With yields marching higher at the long end even as short rates stay flat, market signals have rarely looked so disjointed. Commodity prices are edging up, budget deficits are ballooning, and major economies around the globe are toying with fresh waves of stimulus. Throw in tariff threats and the prospect of inflation creeping back, and it’s clear investors are facing an entirely new puzzle