As
yields go out, it lowers the collateral value of the
bonds and as we were saying earlier before we
began the show, Richard, the
global swaps marketplace is over $ 600 trillion and at least $ 400 trillion of that is in
bonds.
The U.S. has often led moves in
global bond yields, such as during the «taper tantrum» of 2013 when then Federal Reserve Chairman Ben Bernanke sparked a
global bond market rout by signaling the
beginning of the end of quantitative easing.