Rising Treasury Yields: Quiet Before the Storm?

Thoughts on the Market by Andy Krieger

September 15, 2026

Speculative markets have fascinated me since I was introduced to them in my first semester of MBA classes at the Wharton School. I worried that shifting my focus from completing my PhD in Sanskrit and Indian philosophy to the study of finance would be dreadfully boring and devoid of meaning. Having now traded professionally since 1984, I can safely conclude that the shift was not dreadfully boring at all! In fact, trading in speculative markets has been a fascinating exploration of human psychology and the madness of crowds. The jury is still out, however, on whether it is devoid of meaning, as that raises all sorts of questions about the meaning and purpose of life itself. But that’s a topic for a different kind of write-up.

Sometimes I am most astonished not by what markets do, but by what they don’t do, and when markets don't react as expected. The lack of movement that one might logically anticipate happening can be quite mysterious. Today’s we’re in one of those mysterious periods when most markets are behaving exactly as I would expect them to, but equities are not. Let's dig in.