What to Make of Rising Bond Yields?

Bahnsen attributes the 10-year Treasury's 75bp rise to AI-related debt supply, not deficits or inflation, favoring REITs, financials, and industrials.

• 75bp move unexplained by debt: Bahnsen says public-plus-private debt-to-GDP is unchanged at ~370% versus 20 years ago, and interest cost-to-GDP remains below historical averages, so deficit fears don't justify the 10-year's rise from 4.5% to 5.25%.
• Inflation expectations barely budged: Despite tariffs (New York Fed estimate: +2.9% on tariff-priced goods) and Strait of Hormuz oil disruption, 10-year breakeven inflation rose only 12 basis points over 90 days versus the 75bp yield jump.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.