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BNP Paribas: The impact of inflation on bond yields is greater than that of fiscal factors

2026-07-20 11:06:20

Golden Finance reported that on July 20, the Chief Investment Officer of the core investment division at Amundi Asset Management—under AXA Investment Managers in Paris—said that inflation has a more important impact on bond yields than fiscal considerations. Governments can at least try to control sovereign bond issuance, but since the global financial crisis, central banks around the world have found it difficult to rein in inflation, and monetary policy has also been damaged. This is not meant to downplay concerns about deficits and debt; reckless fiscal policy always runs the risk of angering the bond vigilantes. If investors who buy bonds are confident they can preserve the real value of their investments, then a high supply of government bonds will be more easily absorbed. (Jin10)

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