Steven Major, Global Head of Fixed Income Research at HSBC, stated that the global bond sell-off is primarily driven by changes in interest rate expectations, rather than a dysfunction in the U.S. Treasury market or fiscal pressures. He also discussed how persistently high oil prices could force central banks to tighten further, the risks to the dollar from a cooling U.S. economy, and how geopolitical anxieties have become the "new normal" for markets.