Originally Published in Madras Courier
Editorial Note
The recent bond market turbulence reveals whose future gets financed, and on whose terms
In early September 2026, the yield on the thirty-year US Treasury bond touched 5.33 per cent, its highest level since 2007. The timing was hostile: oil rallied on fears that the US-Iran war would turn the Strait of Hormuz closure into a prolonged, costlier disruption. At the same time, Deutsche Bank’s George Saravelos pointed to growing unease within the US administration over rising long-end Treasury yields. Bonds and equities slid in tandem as geopolitical shocks compounded worries over inflation, ballooning debt and the rising cost of servicing it.