ទីផ្សារមូលបត្របំណុលសកលកំពុងប្រឈមនឹងសម្ពាធពីតម្រូវការបំណុលកើនឡើង និងភាពតានតឹងផ្នែកភូមិសាស្ត្រនយោបាយ

Global bond markets are experiencing a period of significant volatility, with interest rates in many nations reaching levels not seen in decades. This shift is driven by a combination of geopolitical instability, rising inflation, and an unprecedented surge in borrowing demand from both governments and the private sector.

Ongoing conflicts in the Middle East and the closure of the Strait of Hormuz have disrupted energy markets, keeping oil and gas prices elevated. These conditions have fueled inflation and forced major economies to maintain higher interest rates. Markets, which had previously anticipated a resolution to these tensions, are now adjusting to a reality of prolonged economic pressure.

Beyond geopolitical concerns, the bond market is facing intense competition for capital. Major technology companies, often referred to as "hyperscalers," are aggressively issuing debt to fund massive investments in artificial intelligence infrastructure. These firms have already issued over $219 billion in debt this year, a sharp increase from the $93 billion recorded last year. Economists, including Mohamed el-Erian, have identified this corporate demand for capital as a primary factor in the current market environment.

Japan, a significant lender to the U.S. government, is also contributing to the global shift. As Japan moves away from its long-standing zero-interest-rate policy to combat domestic inflation, its government bond yields have climbed to 30-year highs, altering the flow of money worldwide.

In the United Kingdom, borrowing costs remain a point of concern. Analysts suggest that market participants are closely scrutinizing the credibility of government fiscal plans. While the UK has shown signs of economic growth, there is ongoing pressure on the government to demonstrate fiscal discipline. Lord Jim O'Neill has emphasized that clear strategies for managing public spending, particularly regarding welfare and pensions, are essential for maintaining investor confidence and stabilizing borrowing costs.

Source: BBC News