Dalio Says Global Bond Selloff Has Further to Run

Dalio's warning matters less as a forecast than as a framing: he casts the bond market as the transmission channel where fiscal supply and private borrowing demands collide, rather than a side-show to equities. That shifts attention to whether issuance is absorbed without forcing a broader repricing of credit, since his argument is that tighter conditions eventually bite through spending and earnings. The open question is whether equity strength, which he attributes to earnings, can keep decoupling from the bond market if the selloff extends.