Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Edge, Chrome, Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser.

See how to update your browser

Investment Weekly

Bond market vigilantes are back
30 May 2025

    Chart of the week – Bond market vigilantes are back

    Chart of the week – Does the end of US exceptionalism persist?’

    The “bond market vigilantes” have been spotted riding back into town. Yields on long dated bonds across the G7 have been rising recently, with a marked steepening in 2y-30y spreads since the end of February. For investors, these developments – and the impact on asset prices – is a key focus. With US Treasuries in turmoil, traditional safe assets are less reliable, while higher rates could eventually weigh on stocks. With the risk of further fiscal largesse, the bond vigilantes won’t be leaving any time soon.

    More from this week:

    Market Spotlight

    • Building new synergies

    Lens on…

    • Emerging diversifiers
    • A Q1 profits bang – but 2025 whimper?
    • In search of safety

    Read the full commentary PDF, 557KB