Number five is alive in long-end rates

In this episode of Bondcast, host Imogen Bachra is joined by global market specialist Ian VanderHorn to unpack the growing political and fiscal risks shaping UK and US rates markets – where 5% yields are now a thing.

Key points:

* UK political instability following poor Labour local election results

* Risks of a Labour leadership challenge and implications for gilt markets

* Why markets may be underpricing future UK borrowing

* US tariff refund developments and worsening fiscal dynamics

* Inflation persistence and implications for Treasury yields

* President Trump’s China visit and evolving US-China relations

This episode was recorded on 14 May 2026.

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