Bonds

BlackRock Inc., Capital Group Companies and Legal & General Group Plc are the top holders of Russia’s dollar bonds, which lost almost half their value this week.

“This puts the performance of inflation solidly back into the limelight” with the “risk that higher prices with the backdrop of heightened geopolitical uncertainty will ultimately be stagflationary.”

The best-performing countries on human and labor rights have significantly lower bond market spreads compared to the worst, even when taking into account factors such as level of income.

Bonds tumbled across the world on Thursday after Federal Reserve Chairman Jerome Powell’s latest hawkish pivot, with yields from Wellington to London breaching multi-year highs.

Russia’s troop buildup on the Ukraine border is now being cited by strategists as one of the main threats to global markets.

Global bonds rallied Friday, with investors seeking havens from a technology stock sell-off and concern over increased U.S.-Russia tension.

Financial companies are leading a rush to lock in still-attractive borrowing costs before the Federal Reserve hikes interest rates, potentially adding to volatility and market uncertainty.

Treasury yields rose a second day amid increasing conviction that the Federal Reserve will raise rates at least three times beginning in May.

Money managers are hiking bets on the great inflation trade of 2021, as the biggest risk to price stability in more than a decade rocks corporate boardrooms and Wall Street trading floors.

Government and corporate bonds globally have already lost 4.4% this year, the biggest decline for any similar period since 2005, according to a Bloomberg index.