Viewpoints
Opinion

Why Bonds Affect Everything

Government bond yields are crucial to understand, since they are the benchmarks for other interest rate instruments.
Why Bonds Affect Everything
The U.S. Department of the Treasury in Washington on Aug. 8, 2025. Madalina Kilroy/The Epoch Times
|Updated:
0:00
Commentary

Professional market watchers obsess about bond yields and central bank interest rate policy far more than the general public. Even retail stockbroker 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.

Tom Czitron
Tom Czitron
Author
Tom Czitron is a former portfolio manager with more than four decades of investment experience, particularly in fixed income and asset mix strategy. He is a former lead manager of Royal Bank’s main bond fund.