Viewpoints
Opinion

Why Bonds Affect Everything

Government bond yields are crucial to understand, since they are the benchmarks for other interest rate instruments.
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Why Bonds Affect Everything
The U.S. Department of the Treasury in Washington on Aug. 8, 2025. Madalina Kilroy/The Epoch Times
Tom Czitron
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Commentary

Professional market watchers obsess about bond yields and central bank interest rate policy far more than the general public. Even retail stockbrokers and sales personnel who have successfully rebranded themselves as “portfolio managers” don’t give bonds the attention they deserve. Understanding interest rates is not simple, and stockbrokers can often earn higher margins on stocks than on fixed income products.

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Tom Czitron
Tom Czitron
Author
Tom Czitron is an investment strategist and global macro analyst with more than four decades of institutional experience managing large mutual funds and pension fund assets. He has held senior portfolio management and CIO roles at major Canadian investment firms and now works with family offices and high-net-worth investors seeking independent, institutional-quality investment oversight.