Editorial companion

What stands out

Bloomberg's Anna Edwards, Guy Johnson and Mark Cudmore walked through a market where the dollar is strengthening and U.S. Treasuries look set for more gains. The clip ties those moves to sticky inflation and a Federal Reserve (Fed) that appears comfortable keeping rates elevated, even as 10-year yields hover around 5 percent and asset managers warn of long-end supply constraints. For investors the story is immediate: higher yields change discount rates and a stronger dollar reshuffles returns across global portfolios.