Barclays said that although global bonds have experienced continuous sell-off, they are still not cheap enough to attract investors to buy them. Persistent inflation and the reluctance of governments to cut spending are still putting pressure on the bond market. Although the current trading level of bonds is closer to fair value than at any time in recent years, “the power to drive higher yields has not been exhausted,” strategists Ajay Rajadhyaksha and Anshul Pradhan wrote in the report that global economic growth has shown resilience, and inflation is still too stubborn to support central banks to cut interest rates. At the same time, the AI capital expenditure cycle shows no sign of slowing down.

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