Bloomberg Surveillance · Sep 30, 2026
With Matthew Miskin, Co-Chief Investment Strategist at John Hancock Investment Management
Intermediate-maturity bonds pay about 6%, the highest yields in 20 years, and Matthew Miskin said investors still do not want them.
Stocks have had a strong year, and most investors are trying to rotate within equities rather than out of them. Miskin's case is that equities have momentum but not valuation, that US growth is probably past its peak, and that the bond market is pricing a slowdown in 2027 the stock market is not.
"We're at 20-year high yields and no one wants them. So there's a ton of value in the bond market." — Matthew Miskin
Matthew Miskin, co-chief investment strategist at John Hancock Investment Management, on Bloomberg Surveillance, had written to clients that "we are in a high-yield bond world and no one wants anything to do with it," as the anchor read out to open the segment.
The full segment is covered here so you can skip it.
Here are the 5 calls that matter.
Key Takeaways
Bonds pay their best yields in 20 years, and investors are still selling them
Yields rose even after weak consumer confidence and job-openings data
Markets have gone from pricing about three Fed rate hikes to two, with October now off the table and December still likely
This looks like 2018 to Miskin: fiscal stimulus lifting growth late in the year before a slowdown
The AI trade was narrow, lifting semiconductors while industrials and utilities were left behind in what he called "the rate shock quarter"
2027 earnings face a high bar, because private-investment gains in AI companies inflated this year's numbers
1. Every Bond Is Disliked
The anchor asked why buyers stayed away from 30-year Treasuries the day before, even after disappointing data.
Weak data did not bring buyers back to bonds
"Consumer confidence weaker, JOLTS missed, and yet yields higher. And oil prices were lower." — Matthew Miskin
JOLTS is the Labor Department's monthly survey of job openings. Miskin said the problem is sentiment rather than data.
"Equity is just doing amazing this year, and every stock on the planet is loved — every bond on the planet is disliked." — Matthew Miskin
He said bond investors were waiting for that morning's PCE inflation report, which was bringing revisions he called good news, before stepping back in.
