Money Disrupted: Are Bond Yields Structurally Moving Higher? Will Bond Vigilantes Return?

Money Disrupted is a monthly roundtable series examining how economic fragmentation, geopolitics and technological change are reshaping the global monetary order. With increased questioning of long-standing assumptions on reserve currencies, central bank independence, capital flows, sovereign debt, inflation control and cross-border liquidity, this series provides a timely forum for discussing the future of money and markets.

Each meeting convenes senior representatives from public financial institutions, commercial banks, asset managers and academia from across OMFIF’s global network. Themes include the future of the dollar system and reserve diversification, central bank credibility, the effectiveness of monetary policy tools, reserve management in a fragmented world, sovereign debt dynamics, the evolving digital economy and financial stability amid a shifting risk landscape.

Rising bond yields and associated volatility have revived questions over whether investors are merely reacting to short-term uncertainty or structurally demanding greater returns in light of changed realities, including fiscal indiscipline, persistent above-target inflation and geoeconomic fragmentation. This roundtable examines the implications of a more uncertain global environment for the future of yield curves and term premia.

Convened under OMFIF’s independent and neutral platform, Money Disrupted offers participants strategic insight, cross-sector perspectives and direct engagement with policy-makers navigating a rapidly changing monetary environment.