We are entering the most dangerous bond market in history.

- The yield on 30-year UK Treasury bonds reached 5.859%, the highest level since 1998.
- The yield on 30-year Japanese Treasury bonds reached 4.085%, the highest level ever recorded.
- The yield on 20-year US Treasury bonds reached 5.148% and on 30-year US Treasury bonds reached 5.131%, both the highest since May 2025.
The market has now concluded that the Bank of Japan (BOJ) has only one option left: raise interest rates. As soon as that happens, Japanese bond yields will rise higher, the yield spread between the US and Japan will narrow, and global investors, who have borrowed in cheap yen to buy higher-yielding US bonds, will begin reversing those deals and shifting to Japanese bonds.
In the UK, oil prices above $100 a barrel are the main driver.
The risk of war between the US and Iran has pushed oil and gas prices past levels seen during the Russia-Ukraine war in 2022.
#news #economic #btc