September was marked by a pronounced rise in global bond yields, as resilient economic growth, elevated fiscal deficits, AI-driven capital spending, and a more hawkish central-bank outlook combined to push longer-term rates higher. In the U.S., the 10-year Treasury yield reached levels last seen in 2007, while the 30-year yield approached levels not seen since 2004. The move was driven primarily by higher real yields rather than a sharp increase in inflation expectations, although renewed energy disruptions and geopolitical tensions added to inflation concerns.