Rising long-end Treasury yields defy easy explanation and could potentially signal trouble ahead for investors, says Apollo’s Torsten Slok.

Volatility tends to be high in times of crisis, when bond yields are spiking and stocks are lurching. Since his trade salvo in April, Mr Trump has calmed down, America’s economy has held up and stockmarkets have risen to all-time highs.

Bond traders are showing signs of indigestion over the tens of billions of dollars [they lent this fall](

Yields on long-dated Treasury notes and bonds have traded stubbornly higher since the Federal Reserve started cutting its policy interest-rate target in September 2024. As Joseph Adinolfi reports, investors across all asset classes should be thinking about why this is happening.

The rearview mirror paints a rosy picture. All the primary sectors of the US bond market are posting solid YTD gains, based on a set of ETFs through Monday’s close (Dec. 8).

Bitcoin, which tumbled below $85,000 on Monday as bond yields worldwide marched higher, pulled back above $91,000.

India's bond market held firm as the RBI cut repo rates to 5.25%, driven by robust growth and low inflation. Global markets also saw yields dip, anticipating US Fed rate cuts. Liquidity measures are in place to ease banking system pressures.

A foreign investor exodus from Indonesia’s bond market has driven holdings to the lowest in nearly two decades, underscoring shaken confidence in the once-coveted asset after months of political turbulence.