---
title: "Bond vigilantes return as inflation, deficits hammer long-end debt"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286799157.md"
description: "Bond vigilantes are re-emerging as global interest rates rise due to inflation and fiscal deficits, according to Marathon Asset Management’s Bruce Richards. He noted significant repricing in bond markets, particularly Japan’s 10-year government bond, which has surged to 4%. Richards emphasized that while central banks can manage short-term rates, they struggle with long-term borrowing costs. He sees potential opportunities for fixed-income investors despite market volatility, contingent on energy cost stabilization."
datetime: "2026-05-18T16:31:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286799157.md)
  - [en](https://longbridge.com/en/news/286799157.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286799157.md)
---

# Bond vigilantes return as inflation, deficits hammer long-end debt

Bond vigilantes are making a comeback as global interest rates climb sharply in response to surging inflation and persistent fiscal deficits, Marathon Asset Management’s Bruce Richards said on Monday. In a recent analysis on social media, Richards highlighted the dramatic repricing occurring across global bond markets, pointing to Japan’s (EWJ) 10-...

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