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Global fixed-income markets saw volatility as renewed issuance and political risk drove yields and sentiment. With U.S. markets closed for Labor Day, European bonds felt sustained pressure and long-dated German yields hit a 14-year high while French spreads held wide on political instability ahead of a no-confidence vote. Simultaneously, global bond issuance ramped up—Germany, Japan and the U.S. preparing large long-dated offerings—pushing long yields higher and testing demand. In Japan, JGB yields surged to multi-decade highs, narrowing the yield gap with UST and raising the risk that Japanese investors could favor domestic bonds over UST. Overall, the fixed-income complex braces for potential turbulence amid geopolitical friction, central-bank risks and heavy supply.