On 22 October technology shares sold off and US government bonds rallied: the 10-year Treasury yield fell 17 basis points to 4.96%, its largest one-day fall since August 2024. The old hedge worked again. But it protects against a growth scare, not every scare, and supply is the second test.
In this episode:
- The bond hedge came back: what the 22 October rally does and does not prove
- The supply problem: Britain's public sector net debt passes £3 trillion, days before the 28 October Budget
- The pension twist: why falling yields can cut a defined-benefit plan's funding level
- Around the desks: Norway's oil fund and Turkey, US outbound investment rules, PSP and Nuveen, and the ISSB on nature
- What to watch: the Fed, the Bank of Canada, the UK Budget, the ECB and the Bank of Japan
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