No Short-term Solution: Global Long-term Bond Shock Under Triple Pressure

In May 2026, long-term bonds from the three major economies first saw simultaneous elevated levels. Unlike previous periods of historically high levels driven by a single factor, the current situation is intensified by threefold pressure: constraints on policy space, fiscal budget expansion, and geopolitical shocks. Under these conditions, there is no basis for a systematic short-term retreat, and long-term bonds will remain expensive as a lasting norm.