Global Bond Update | Two Curves -- The US–China Yield-Curve Divergence

An asymmetry, not a mirror — an absorption problem on one side, a debt- deflation problem on the other — and the “diversification” bridge between them holds only in calm weather.

The signal is not symmetry. It is an absorption problem meeting a deflation problem, joined by a bridge that only holds in calm weather. Yields have become a map of global capital — the mistake is to read that map as a mirror. Fundamentals, through the noise.

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