Roelof Salomons: if the watchdogs of the bond markets really wake up, price-earnings ratios will come under pressure

Government bonds have always been the fire extinguishers of every portfolio. When stocks fell, bonds rose. But that relationship is faltering. In a world of higher inflation, rising debt and geopolitical tensions, bond investors are becoming increasingly nervous. The result? The bond vigilantes, the watchdogs of the bond market, are back.

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