RiskReversal Pod Don't Fight The Treasury with Jurrien Timmer, Fidelity's Director of Global Macro
9 snips
Jan 30, 2026 
Jurrien Timmer, Director of Global Macro Research at Fidelity, explains bond-market calm, why yields matter, and how Japan’s bond volatility could ripple globally. He discusses gold’s rise tied to geopolitical shifts, market concentration around the Mag 7, and speculative dynamics in the AI boom. Short, sharp takes on diversification and valuation risks.
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Unexpected Calm In The Bond Market
- The bond market has been unusually calm despite prior shocks like the 10-year hitting 5% in 2023.
- Jurrien Timmer suspects coordinated policy and respected officials (e.g., Scott Bessant) helped keep yields orderly.
Gold Rally Signals Geopolitical Reset
- Gold's rally reflects a geopolitical reset and multi-polar world rather than pure inflation hedge.
- Timmer notes gold plus Bitcoin now equals ~130% of M2 versus ~50% years ago, implying stretched positioning.
S&P Breadth Is Finally Broadening
- Market breadth has improved while the MAG7 has traded in a range since November.
- This broadening reduces the extreme concentration risk that worried many investors.