Odd Lots: Why Are Global Bond and US Treasury Yields Rising?

What's your story for — I guess I should divide it up — global bond yields rising and then US Treasury yields rising specifically? Predominantly I think it's the same story for both are the same. Like if we had to do a principal component analysis or something, I think what would stick out across the board is it's the global growth impulse, it's activity. It's both in the US and globally. I think we see the industrial side of every economy is doing incredibly well and expected to do so. And I think something you wrote a while ago kind of fits into this about, you know, "that which can be repurposed for, will be" with reference to Ford. Yeah, I believe that. You know, it's it seems as though the the impulse is just getting more widely shared. If it's, you know, you have an impulse this big, it's bound to lift a lot of boats. And I would say that's kind of what's happening throughout the, the global economy. That is far and away, I would say the one thing to think of if you had to if you just had an elevator pitch with someone, why are bond yields high? Because growth is is really strong. That's putting inflation up. And central banks are expected to respond to that. Uh, you know zooming out. Wait. But we haven't had a huge move in like braking events in the US, for instance. Yeah. But I think that somewhat speaks to the idea that central banks are going to be, you know, quote unquote, credible in, uh, in keeping a lid on inflation over time. You can believe that or not, because like, if you've been a hold the maturity buyer of five year US treasuries from at any point in 2011 to 2021, outside of like a little before the shale bust, if you got in there, uh, you have negative real returns through that entire period.