Marie-Anne Allier, a fixed income fund manager at Carmignac Gestion, stated that while the negative impacts of rising energy prices and geopolitical tensions on the bond market have largely been priced in, food inflation is an imminent risk not yet fully reflected in bond prices. She pointed out that adverse weather, disruptions to grain exports due to the Russia-Ukraine conflict, and the El Niño phenomenon could trigger new food supply shocks within the next six to twelve months.