After the fastest tightening cycle in a generation, fixed income investors are grappling with a new reality: inflation that may settle above pre-COVID norms, a looming fiscal reckoning as debt and issuance surge, and an increasingly fragmented geopolitical order that disrupts trade, capital flows and energy markets. This opening macro keynote will connect those three forces directly to rates, curves, spreads and liquidity – asking what a world of higher real yields, larger term premia and episodic volatility really means for portfolio construction, trading strategy and cross-asset correlations over the next five years, and where today’s consensus could be most dangerously wrong.