The writer is founder of Satori Insights
Concern about unsustainable government borrowing is showing up everywhere — from the anxiety around gilts to the surge in gold. Everywhere, that is, except the one place people seem keenest to find it — namely, the bond market.
What some are calling a “bond market rout” would in fact better be described as a technical move specific to 30-year issues. The concerns that bond prices will be hit by rising inflation and increased issuance because of the inability of western governments to rein in spending are genuine. But I am not convinced they are the drivers of price action they are often made out to be.
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