BofA: Term Premium, Not Bond Vigilantes, Drives Long-End Yields

The framing matters more than the move itself: attributing the long-end drift to term premia rather than vigilantes or fiscal fears shifts the debate from political risk to compensation for duration and rate uncertainty. That distinction shapes how allocators read cross-market correlation, since a term-premium story implies developed-market yields can rise together without a single sovereign trigger. The open question is whether strategists converge on this mechanical reading or keep reaching for fiscal narratives as yields stay elevated.