30-year yields elevated as volatility remains low, Craig Shapiro writes

30-year yields elevated as volatility remains low, Craig Shapiro writes
30-year yields reach multi-decade highs

Craig Shapiro examines the current trajectory of 30-year yields by comparing levels seen in 1987 with those projected for 2026.

He points out that despite multi-decade highs in yields and a surge in ISM Prices Paid, bond market volatility is subdued and structural demand appears to have faded. Shapiro emphasizes that the path of yields, not just their level, is crucial in understanding ongoing market movements.

Shapiro previously highlighted a 20 percent surge in oil prices and looser U.S. financial conditions in recent commentary. He has also warned of nearly $60 billion in potential forced selling risk as volatility control and pension flows intensified at quarter end, according to earlier analysis. These developments contribute to his ongoing focus on liquidity and market structure.

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