Global Bond Yields Rise, Waller Speaks Out | Real Yield 9/3/2026

Watch on YouTube ↗ | September 03, 2026 at 18:53 | 43:04 | Bloomberg Markets

Speakers

Ira Jersey — Bloomberg Intelligence Chief US Interest Rate Strategist

Dan Morehead — Founder & Managing Partner, Pantera Capital

Erik Wasson — Bloomberg Reporter

Olivia — Bloomberg Reporter

Tasos

Matt Brill — Head of US Investment Grade, Invesco

Meghan Robson — Head of US Credit Strategy, BNP Paribas

Kelsey Berro — Fixed Income Portfolio Manager, JPMorgan Asset Management

Deborah Cunningham — CEO of Global Liquidity Markets, Federated Hermes

Michael McKee — International Economics & Policy Correspondent, Bloomberg

Caitlin Riley — Bloomberg Reporter

Amanda Albright — Bloomberg Reporter

Summary

The episode covers the global bond yield rise and Fed Governor Chris Waller's signal that August inflation will determine whether the Fed holds or hikes. Guests discuss Treasury supply, deficits, private credit redemption caps, and corporate credit supply and demand. Fixed-income investors highlight BOJ-driven global yield pressure, attractive long-dated TIPS, AI funding as the dominant driver, and a preference for investment-grade credit over T-bill roll risk.

Global developed market yields are rising in sync, with BOJ policy driving the repricing.
Waller says he could hold rates if disinflation continues, but hot CPI could revive a hike.
Dan Moorehead argues the Treasury buyback bluff is too small against annual bond sales.
Blackstone and Cliffwater again cap private credit redemptions amid elevated exits.
September corporate credit supply is expected to surge and challenge demand.
BNP Paribas forecasts three Fed hikes beginning in December, potentially stabilizing long-end yields.
Invesco's Matt Brill sees the AI build-out as the core market driver and prefers investment-grade credit over T-bill reinvestment risk.

Ideas

Ira Jersey Bloomberg Intelligence Chief US Interest Rate Strategist 5:05

BOJ shift forces global yields higher.

The Bank of Japan's balance-sheet rolloff and move from deeply negative to positive interest rates is forcing a synchronized repricing across developed market yields. The U.S. is no longer pricing in a vacuum, so global developed sovereign yields are rising together in a fundamental shift.

Ira Jersey Bloomberg Intelligence Chief US Interest Rate Strategist 7:52

Long-dated TIPS yields are attractive.

Thirty-year TIPS yields are nearly 3%, the highest in several decades, reflecting anticipated U.S. growth. Real yields are therefore quite high and attractive to lock in.

Dan Morehead Founder & Managing Partner, Pantera Capital 8:26

Buyback bluff too small to lower yields.

Scott Bessent's Treasury buyback bluff is far too small to work because the Treasury is a forced seller of roughly $2 trillion of bonds annually while the extra buyback was only around $2 billion. The mismatch means the attempt backfired and cannot reliably bring yields down.

Olivia Bloomberg Reporter 18:58

Private credit redemptions signal caution.

Blackstone and Cliffwater are capping private credit redemptions again, and investors are turning against private credit funds. Redemption requests remain elevated with a large backlog, while new fundraising is falling because investors are less willing to commit when exits are restricted.

Tasos 23:56

Credit dispersion creates investment opportunities.

Corporate credit dispersion is rising, and a large amount of debt is trading wider than its rating suggests. AI funding needs, China competition for carmakers, and software business-model disruption are creating investment opportunities for investors who look underneath the index calm.

Matt Brill Head of US Investment Grade, Invesco 26:02

AI build-out is the key driver.

The core market driver is the AI build-out and how it will be funded. Near-term Fed policy, inflation, and unemployment data are mostly distractions compared to the AI capital expenditure and funding cycle.

Meghan Robson Head of US Credit Strategy, BNP Paribas 27:21

Fed hikes could stabilize long-end Treasuries.

BNP Paribas forecasts three Fed hikes beginning in December. A more credible, hawkish Fed could bring stability to the long end and modestly lower long-end Treasury yields, which would help corporate borrowers access that part of the curve.

Matt Brill Head of US Investment Grade, Invesco 32:01

Prefer investment-grade credit over T-bill roll risk.

The 'T-bill and chill' trade carries reinvestment risk if investors roll short-term bills at lower rates. He prefers the certainty available in the investment-grade credit market and warns against overconcentrating in T-bills.

Matt Brill Head of US Investment Grade, Invesco 32:01

Prefer investment-grade credit over T-bill roll risk.

The 'T-bill and chill' trade carries reinvestment risk if investors roll short-term bills at lower rates. He prefers the certainty available in the investment-grade credit market and warns against overconcentrating in T-bills.

Up Next

Nexo’s Big U.S. Comeback: Why Crypto Lending Is Booming Again

Milk Road Macro · Sep 03

Vice President JD Vance holds White House press briefing — 9/3/2026

Wall Street Is Already On-Chain | Consensus 2026 Miami

CoinDesk · Sep 03

Snowflake surges on Q2 earnings: The Investment Committee's software strategy

Frontier models are constrained on data center infrastructure, says TrustedSec's David Kennedy

This Bloomberg Markets video, published September 03, 2026, features Ira Jersey, Dan Morehead, Olivia, Tasos, Matt Brill, Meghan Robson discussing IGOV, 30-year TIPS, TLT, Private credit funds, US Corporate Credit, AI buildout, Long-End U.S. Treasuries, LQD, BIL. 9 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ira Jersey, Dan Morehead, Olivia, Tasos, Matt Brill, Meghan Robson · Tickers: IGOV, 30-year TIPS, TLT, Private credit funds, US Corporate Credit, AI buildout, Long-End U.S. Treasuries, LQD, BIL