HSBC: El mercado teme que la inflación no sea un fenómeno temporal, y el aumento de las tasas a largo plazo podría reflejar un cambio estructural

Golden Finance report, May 18th, HSBC economist Frederic Neumann stated that if the current rise in Japanese government bond yields is purely due to short-term concerns about inflation, then long-term yields would not fluctuate so much.
Investors are clearly uneasy, believing that the current rise in price pressures is not merely a temporary phenomenon related to the Gulf crisis, but rather a signal indicating that inflationary pressures have structurally returned, which will force central banks not only to tighten policies in the short term but also to maintain high interest rates for a longer period.
Investors are increasingly worried about fiscal conditions, especially in major developed markets, and therefore demand higher risk premiums for holding long-term debt.
Against this backdrop, the government bond market is increasingly competing with the funding demands brought about by the global artificial intelligence boom, thereby pushing up the long-term cost of capital. (Jin10)