COMMERZBANK rate strategist Hauke Siemssen said in a report that elevated oil prices and intensifying fiscal worries keep the bond market fragile. Global bond markets still face risk, with yield curves across maturities testing multi-year highs. Although this morning's consolidation was encouraging, Siemssen said a durable market reversal appears unlikely because the underlying drivers have no simple solutions. He expects this week's US PCE inflation print and policy signals from the annual Jack

COMMERZBANK rate strategist Hauke Siemssen said in a report that elevated oil prices and intensifying fiscal worries keep the bond market fragile. Global bond markets still face risk, with yield curves across maturities testing multi-year highs. Although this morning's consolidation was encouraging, Siemssen said a durable market reversal appears unlikely because the underlying drivers have no simple solutions. He expects this week's US PCE inflation print and policy signals from the annual Jackson Hole symposium to provide fresh guidance and should attract attention.