The global bond market buckled over the past week. Yields on 30-year US Treasuries hit their highest level in almost 20 years, while long-term debt yields in the UK and Japan reached multi-decade highs. It’s a signaling effect, Bloomberg’s Enda Curran says, that investors around the world are increasingly convinced higher inflation is here to stay.

On today’s Big Take podcast, Curran and host David Gura discuss how supply shocks from the Iran war feed into longer-term inflation concerns, how AI might provide a way out for the global economy — and what this rout in the bond market means for the Federal Reserve, its new chair and the rest of us.

Listen more: The Great Bond Car Wreck — in Slow Motion

Read more: $50 Trillion Safe-Haven Debt Market Upended by Iran War Inflation

We have a special Bloomberg subscription offer for podcast listeners at Bloomberg.com/podcastoffer.

Hosted by David Gura; Produced by David Fox; Reported by Enda Curran, Mark Schroers, Ye Xie and Jorgelina Do Rosario; Edited by Jeffrey Grocott.

Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.

Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The global bond market buckled over the past week. Yields on 30-year US Treasuries hit their highest level in almost 20 years, while long-term debt yields in the UK and Japan reached multi-decade highs. It&rsquo;s a signaling effect, Bloomberg&rsquo;s Enda Curran says, that investors around the world are increasingly convinced higher inflation is here to stay.
On today&rsquo;s Big Take podcast, Curran and host David Gura discuss how supply shocks from the Iran war feed into longer-term inflation concerns, how AI might provide a way out for the global economy &mdash; and what this rout in the bond market means for the Federal Reserve, its new chair and the rest of us.
Listen more: <a href="http://swap.fm/l/4H5hwGzJz1MVS96XNTP2">The Great Bond Car Wreck &mdash; in Slow Motion</a>
Read more: <a href="https://www.bloomberg.com/news/features/2026-05-21/iran-war-upends-inflation-bets-in-50-trillion-debt-market-safe-haven?srnd=undefined">$50 Trillion Safe-Haven Debt Market Upended by Iran War Inflation</a>
We have a special Bloomberg subscription offer for podcast listeners at&nbsp;<a href="https://www.bloomberg.com/subscriptions/podcasts">Bloomberg.com/podcastoffer.</a>
Hosted by David Gura; Produced by David Fox; Reported by Enda Curran, Mark Schroers, Ye Xie and Jorgelina Do Rosario; Edited by Jeffrey Grocott.
Fact-checking by Laura Newcombe; Engineering by Alex Sugiura.
Senior Producer: Naomi Shavin; Deputy Executive Producer: Julia Weaver. Executive Producer: Nicole Beemsterboer.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

The Big Take from Bloomberg News brings you inside what’s shaping the world's economies with the smartest and most informed business reporters around the world. The context you need on the stories that can move markets. Every afternoon.

Big Take

Why You Should Care About What’s Happening in the Bond Market 

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c62e9f06-4c15-454f-b956-b45201424545/transcript