The elephant in the room:
74% of world central banks cut rates in 2024, the highest share since 2021.
In May 2025 ALONE, global central banks cut rates 15 times.
So, why are yields at 30+ year highs if we are in the midst of an aggressive GLOBAL rate cut cycle?
Deficit… https://t.co/MX4dNr94ne pic.twitter.com/w8wtWIKiC5
— The Kobeissi Letter (@KobeissiLetter) September 1, 2025
The UK’s bond market is collapsing:
Today, the yield on a 30Y Bond in the UK rose to 5.64%, its highest level since 1998.
Yields in the UK are now 15 TIMES higher than they were at the 2020 low, just 5 years ago.
What is happening? Let us explain.
(a thread) pic.twitter.com/QmV5aaGFX1
— The Kobeissi Letter (@KobeissiLetter) September 1, 2025
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