The elephant in the room:
74% of world central banks cut rates in 2024, the highest share since 2021.
In May 2025 ALONE, global central banks cut rates 15 times.
So, why are yields at 30+ year highs if we are in the midst of an aggressive GLOBAL rate cut cycle?
Deficit spending is out of control and inflation is back on the rise.
Simply put, we now have HIGHER interest rates despite rate cuts.
The bond market does not lie.
