Goldman Sachs Exchanges: George Cole Analyzes Surge in Global Bond Yields
This recommendation is based on publisher episode information. Goldman Sachs Exchanges features George Cole, Head of European Rates Strategy, discussing the drivers behind surging government bond yields in the US, UK, Germany, and Japan, including fiscal deficits and AI-related borrowing. Suitable for professionals tracking macro interest rate trends.
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This recommendation is based on publisher episode information. In a video published on September 15, 2026, by Goldman Sachs Exchanges, George Cole, Head of European Rates Strategy at Goldman Sachs Research, analyzes the reasons why government bond yields have surged to multi-decade highs across the US, UK, Germany, and Japan.
According to the episode description, Cole identifies several factors behind the bond sell-off, including swelling fiscal deficits, borrowing tied to artificial intelligence (AI) investment, resilient economic growth, and an energy-price shock. He notes that low volatility despite rising yields suggests fundamentally driven factors rather than technical noise.
The summary also highlights Cole's point about competition for savings: governments raising money for deficits and defense are now competing with companies borrowing heavily to fund AI buildouts. This increased demand against a static pool of global savings mechanically pushes rates up. Additionally, Cole discusses the potential for five-year bond yields to decline in the coming years, making them a better hedge for portfolios.