
US bonds: Follow the money
Asset managers have increased their US Treasury exposure since September, but the outlook for bond yields and equity valuations remains tied to interest rates and AI spending.

Asset managers have increased their US Treasury exposure since September, but the outlook for bond yields and equity valuations remains tied to interest rates and AI spending.

Rising bond yields and widening credit spreads suggest mounting risk, but equity valuations have yet to reflect it, raising the prospect of sharper market drawdowns.