This round of global bond selling has been sharp but remains materially smaller
than the 2022 rout. Global government yields are up 17bp over the past 20
trading days versus 62bp in 2022; peak-to-trough bond prices this year have
fallen 4.2% versus 23% in 2022. Yields in the world’s largest bond market have
reached multi-year highs, but the advance so far is only a fraction of the
earlier shock. Sydney-based GSFM adviser Stephen Miller says bonds are not yet a
STRONG BUY, but at current yields are worth considering for yield-focused
investors.
