Bonds & fixed income · Podcast

What’s Pushing Long-Term Bond Yields Higher?

Long-end yields sit behind duration positioning and fixed income conversations with clients, and the episode lays out the drivers PIMCO points to, including term premium and heavy AI-related issuance. It also separates the 30-year from the 10-year, a distinction relevant to anyone discussing long duration.

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Summary

By the bonds & fixed income desk

In this episode of PIMCO's Accrued Interest podcast, Marc Seidner and Pramol Dhawan join host Greg Hall to discuss what has lifted 30-year yields in the U.S. and elsewhere to two-decade highs. The description attributes the move to a mix of rising sovereign debt, surging AI-related corporate bond issuance and inflation concerns. The show notes walk through rising rates as a global term-premium story, the Treasury's response, what actually drove the move, AI issuance and 'indigestion', why the 30-year is not the 10-year, and mixed data and Jackson Hole.

Rising rates are framed as a global term-premium story, with 30-year yields in the U.S. and elsewhere at two-decade highs.
The description cites rising sovereign debt, AI-related corporate bond issuance and inflation concerns as the confluence behind the move.
The show notes include a segment on AI issuance and 'indigestion', and one arguing the 30-year is not the 10-year.
Other segments cover the Treasury's response, what actually drove the move higher, and mixed data and Jackson Hole.

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