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Long end hits two-decade highs then pulls back, Michael Kao notes

Long end hits two-decade highs then pulls back, Michael Kao notes
Long end surges on AI market momentum

Michael Kao, CIO at Akadia Capital, analyzes recent dramatic moves in the long end of the yield curve.

He observes that rates reached two-decade highs before pulling back on softer Friday jobs data, suggesting that market volatility is now more influenced by capital allocation toward AI buildouts than by traditional fiscal concerns.

Earlier this year, Kao identified signs of a capitulation bottom in TLT and reported buying short-term call options amid what he saw as overselling in the bond ETF (link). He also previously analyzed surprising jobs data and rising yields, noting that bond normalization and spending on AI were affecting debt markets (link). These themes remain central to his recent market commentary.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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