Last week’s sharp moves in the US government bond market have people wondering about the implications not only for the outlook for other financial assets, including stocks, but also for the economy and policy. Here are my main takeaways and their consequences.
The volatility last week differed from that of 2022 and earlier this year because it was driven not by the policy-sensitive short end of the yield curve (such as the two-year Treasury) but by the longer-dated bonds.
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Bloomberg Opinion
Mohamed A. El-Erian, is president of Queens’ College at the University of Cambridge and a professor at the Wharton School of the University of Pennsylvania
