HSBC's Major Says He's Not Meeting Many Bond Bulls

The video discusses the current market trends focusing on rate expectations and inflation. It highlights the rise in real yields over inflation expectations and the market's confidence in the Fed's ability to manage inflation. The narrative suggests a bearish sentiment towards bonds, with a lack of bond bulls in the market. It also touches on the divergence between the US and global markets and the underperformance of equities compared to initial expectations. The discussion implies that these factors may eventually lead to a more positive outlook on bonds.

Discuss the significance of the ISM expectation survey mentioned in the text.

What is the relationship between real yield and inflation expectations as discussed in the text?

How does the market's confidence in the Fed's response to inflation expectations affect bond narratives?

What observations are made about the divergence between the US and the rest of the world regarding real yields?

What implications does the text suggest about the future narrative on bonds if current trends continue?