Global 10-year bond yields are hitting multi-decade highs, with peaks of 30 years in Japan, 15 years in Germany and 18 years in the U.K. Economist Matthew C. Klein argues that rising yields are positive because they reflect strong growth, with incomes and spending rising 7% annually and robust capital demand, especially for AI infrastructure development. Klein also views the trend as a normalization of rate markets after the post-2008 financial crisis era of abnormally low rates.
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