Why bonds are the most important market in the world

The bond market, a $160 trillion global network, is increasingly important as its stability underpins the financial system. Rising long-term government bond yields, especially in the U.S. and other G7 countries, have surged to levels not seen since 2007, stirring worries about higher borrowing costs and potential economic strain. This is critical because the bond market acts as the plumbing for global finance, and disruptions could lead to significant financial turmoil, mirroring the issues seen before the 2008 financial crisis.