Do debt managers or markets set the price of long bonds?

Around the globe, developed economies' government bond yields are climbing. In response, debt managers are reshaping how they borrow, shortening issuance and buying back longer-dated debt in an effort to reduce the duration investors must absorb. But can government debt managers truly influence long-term yields, or do markets ultimately have the final say?

In this episode of the Flip Side, Brad Rogoff, Global Head of Research at Barclays, and Anshul Pradhan, Head of US Rates Research, debate whether bond supply is becoming a more powerful driver of markets as private investors absorb an ever-growing share of government debt.

Together they examine shifting supply, the changing long bond investor base and the growing issuance for long-duration capital from non-government sources. As debt managers rethink how they finance large deficits, the debate explores whether they can influence the price of duration, even if growth, inflation and policy expectations ultimately determine the direction of yields.

Listeners can learn more about this topic:

• Barclays Brief #48 - US Rates: Higher for longer

• The Flip Side #85: If the Fed goes quiet, do markets make more noise?

• Barclays Brief #44 - Japan: Why the world is watching

Clients of Barclays Investment Bank can read our latest reports by logging in to Barclays Live:

• The Treasury is watching

• On the brink

• The rise of price-sensitive investors

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