Anleihen: Kapitalmarkt unter Druck: Renditen langlaufender Staatsbonds steigen auf Zehnjahreshochs

Long-term German government bonds, the benchmark for the European bond market, have reached their highest yield since 2011, as investors sell off their holdings amid rising inflation expectations, increased government debt, and the debt boom among technology companies. Similar surges in yields have been observed in the United States, France, Great Britain, and Japan.

The independent U.S. capital market expert Ed Yardeni attributes the downward price pressure on bonds to "Bond Vigilantes" worldwide, who are increasingly active in the U.S., Great Britain, and Japan due to high national deficits and debt levels measured as a percentage of nominal GDP. This follows the unexplained closure of the Hormuz Strait, through which around 20% of global oil passes, due to an Iranian attack on a freighter.

US President Donald Trump has stated his intention to not extend the ceasefire agreement, reigniting inflation concerns, especially at a time when traders had already scaled back expectations of further interest rate hikes. The U.S. Federal Reserve may be forced to raise interest rates more aggressively than the market anticipates.

Despite rising financing costs, government debt has grown globally, with the US bond market ballooning from $4.5 trillion in 2007 to over $31 trillion today. Government spending now outpaces revenue by over $1 trillion annually, with annual interest payments exceeding that threshold. The market for US government bonds has seen a significant increase in investment from major technology firms like Amazon, Google, Meta, and Microsoft, which have recently issued bonds worth several hundred billion dollars to finance their investments in data centers.

These tech giants, with historically low debt levels and perceived as solid credit, are increasingly competing with countries for similar investor groups. As a result, investors are questioning whether the US can control its spending, leading capital market experts to conclude that bond buyers may now dictate the terms.