JPMorgan's James Sullivan sees ‘significantly higher coupons' as debt supply surges

JPMorgan's James Sullivan says surging government and corporate debt issuance will put upward pressure on bond yields as supply increasingly outpaces demand. He also argues that stablecoins could become a major source of Treasury demand and remain supportive of the US dollar, while warning that lofty AI-driven earnings expectations leave markets vulnerable if anticipated productivity gains fail to materialise.