It looks like the bond market, which has a reputation of predicting recessions, has entered into a bear market which historically last decades. Yields have spiked. Interest rate rises are coming.
This will weigh heavily on all risk assets. However what is of greatest concern is twofold:
1. The knock-on effect on consumer spending.
2. The tightening of regulation and ‘credit’
BNPL looks like it is one of the riskiest sectors at one of the riskiest times since WW2.
My 2 cents. Don’t shoot the messenger.
Bond market says BNPL is doomed
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