Goldman Sachs: We are not in a bond bear market despite higher volatility

• The market is in a 'new regime' characterized by higher macro volatility and data dependency, but not a bond bear market.
• Credit fundamentals and the economy remain resilient, with inflation expected to ease towards the Fed's target.
• The 5% threshold on the 10-year Treasury yield is technically and tactically important but not expected to be hugely disruptive.
• AI-driven financing, such as Nvidia's partnerships, is creating supply but is seen as an opportunity for active managers, with limited contagion to broader credit markets.

Salman Niaz of Goldman Sachs Asset Management believes the market is in a 'new regime' of higher macro volatility and data dependency, but not a bond bear market. He emphasizes resilient credit fundamentals and an economy, despite sticky inflation. He also discusses the impact of AI-driven financing on credit markets, viewing it as an opportunity for active managers rather than a widespread disruption.