Bob Elliott
· Nonconsensus
· July 28, 2026 at 10:28
| Read on Substack ↗
Summary
The article argues that the recent rise in long-term bond yields is not driven by increased borrowing supply, contrary to a common market narrative. This implies the sell-off may stem from other macroeconomic factors such as growth expectations or inflation, rather than fiscal concerns.
•The author disputes the claim that rising borrowing supply is the primary cause of the surge in long-end yields, calling the narrative 'decent' but incorrect.