The Rising Stakes of the Global Bond Rout

Andrew here. What does the bond market know that the stock market does not? And which one is right? Bond investors are clearly becoming more worried about the economy — and yet the stock market is showing almost no sign of that anxiety.

DealBook’s Bernhard Warner gets into all of the details and some of the implications for Washington and beyond. More below.

Higher for longer

Borrowing costs have been climbing for some time. But in recent days, long-rated bonds have hit multiyear highs, heaping pressure on governments, businesses and households.

Stocks and bonds are rebounding slightly on Wednesday. Yet the higher-for-longer debt narrative looks set to stick, weighing on even deep-pocketed corporate giants.

Article source: https://www.nytimes.com/2026/08/19/business/dealbook/bonds-yields-treasury-ai.html