Anchor Capital sees global bond yield surge as normalization, not fiscal crisis
TLT•Fair value range for US 30-year yields
Anchor positioned the move as yield “normalisation,” pegging fair US 30-year yields at 5.5%-6.5, favoring cautious bond buying.
Global bond selloff seen as normalization
Anchor Capital flagged a renewed global bond selloff in August 2026, lifting yields to the highest levels in two decades.
The firm played down an imminent US fiscal crisis, citing broadly stable debt-to-GDP since 2021 despite a wider deficit.
US fiscal outlook described as manageable near term
US interest expense rose toward 20% of revenue, converging with South Africa, yet the outlook was framed as manageable near term.
Rising yields across Germany and other markets were cited as evidence of a broader repricing, not a US-only deficit shock.
