Bridgewater Associates recently released a research report stating that the sustained rise in global bond yields is driven by multiple structural forces, and the continuous expansion of asset supply is reshaping the supply and demand landscape of global capital markets, with impacts that will be more profound than currently priced by the market. Bridgewater believes that the recent sharp increase in interest rates reflects stronger-than-expected economic resilience rather than merely an energy price shock, with expanding AI capital expenditures, persistently high government spending, and interest-rate-insensitive borrowing activities being the main drivers. The report warns that current economic resilience has benefited from previously loose financial conditions, and rising interest rates coupled with high energy prices will reduce the likelihood of economic growth maintaining its resilience, especially outside the United States. Bridgewater characterizes the current market landscape as a fundamental reversal of the post-global financial crisis logic, arguing that a significant expansion of net asset supply will systematically push asset yields higher, but overall risk premiums remain low, and transmission pressures have not yet fully materialized.