Bond yields have been rising again. While today’s environment may be inducing some flashbacks to 2022, investors should consider a broader historical context when facing a fresh period of rising rates.
Investors today are being challenged from all sides. Interest rates remain elevated, policy uncertainty and geopolitical shocks are clouding the outlook, and artificial intelligence is reshaping markets while intensifying concentration risk. These aren’t abstract concerns or distant possibilities; they’re forces unfolding in real time, changing how investors assess risk and identify opportunities. Four investment leaders recently gathered in New York City to discuss what has changed, where risks may be mispriced, and how they are navigating a market that’s only growing more complex.
AI represents a major investment cycle with distinctive financial foundations. In this paper, fixed income portfolio manager Sandro Lazzarini and analyst Theo Pan compare current AI financing to previous cycles and ask whether it could represent the next supercycle for bonds.