Jim Reid, Head of Global Macro Research at Deutsche Bank, wrote that the current sustained rise in global bond yields is less a harbinger of "fiscal doom" and more a continuation of the normalization process following a decade of extreme monetary easing and low interest rates. He believes that the weakness in the bond market stems from the unraveling of the "financial repression" landscape of the 2010s, and that current yield levels are merely a return to normalcy, still a significant distance from a true crisis threshold. Reid emphasized that bonds are regaining their function of providing returns, and investors' situations are improving. For example, a 10-year US Treasury bond purchased in October 2023 with a 4.99% yield has now generated a total return exceeding 16%.