Global diversification for bonds has been a tough sell in recent years, but 2025 is another story. Year to date, fixed-income securities ex-US are outperforming the investment-grade US benchmark for bonds by a hefty degree, based on a set of ETFs through Wednesday’s close (May 14).

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The US federal deficit is projected to increase by $3.8 trillion through 2034, or 1.1% of GDP, based on the bill that passed on Wednesday in the House Ways and Means Committee. Meanwhile, the US 10-year Treasury yield rose to 4.54% on Wednesday, the highest close in three months.

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