Bonds & fixed income · Podcast

Why Global Bond Yields Are Surging

The discussion gives wealth professionals a framework for the global forces pushing rates higher and for how bond market volatility and the potential hedging role of five-year bonds fit into portfolio conversations.

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Summary

By the bonds & fixed income desk

This episode of Goldman Sachs Exchanges covers the surge in government bond yields to multi-decade highs across the US, UK, Germany and Japan. George Cole of Goldman Sachs Research discusses factors behind the sell-off, including fiscal deficits, borrowing tied to AI investment, resilient economic growth and an energy-price shock. He also explains what could bring yields back down.

Government bond yields have surged to multi-decade highs across the US, UK, Germany and Japan.
Bond market volatility has been notably low even as yields climbed, which Cole says makes the sell-off harder to dismiss as technical noise.
Governments raising money for deficits and defense spending are competing with companies borrowing for AI buildouts from the same pool of global savings.
Cole says five-year bond yields could have more room to decline over the next few years, making those securities a better hedge for portfolios.

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