Why are US government bond yields falling despite hotter-than-expected CPI and PPI inflation prints (CNBC chart below)? I suspect it comes down to two main drivers, with the second having more implications for the well-being of the US and global economies: A flight to quality out of formerly high-flying tech stocks that are now coming under pressureā€”a move reinforced by multi-year highs in nominal yields and emerging pockets of credit stress in the most vulnerable segments. Concerns over the robustness of tech as one of the two primary engines of US economic growth -- EL ERIAN 15-OCT-2026 10:35 AM ET