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Opinion
John Authers

What’s Missing From Bond Markets Ahead of the CPI

The yield curve and bond premia are clouding an already uncertain global outlook and need picking apart, not wishfully ignoring.  

The signals aren’t clear and the outlook is cloudy.

The signals aren’t clear and the outlook is cloudy.

Photographer: George Rose/Getty

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If you have an aversion to the mathematics that go with the bond market, you’re not alone. It’s complicated and counter-intuitive, based in concepts that are hard to visualize. Like all markets, it ultimately responds to supply and demand, but the forces moving investors’ demand for bonds can stretch a long way beyond macroeconomic conditions. As we brace for the another consumer price index announcment, here is a brief tour of the most contentious measures: