Yields on long-end U.S. Treasuries have recently climbed to multi-year highs, and it’s a pattern that is being seen around the world, notes Deepak Puri, the Private Bank’s Chief Investment Officer for the Americas. “This is not just only a U.S. phenomenon”, Deepak says, pointing to falling bond prices and climbing rates in Germany, Japan, the U.K. and other regions. High levels of government debt, central-bank credibility, and inflation concerns are among the factors behind it. Stock prices have also had their bumps, but they’ve generally been less severe, and Deepak says that a reduction in geopolitical risk factors could be a catalyst for stocks in the coming months, as could “a strong enterprise adoption of AI.” In the week ahead, the Fed’s preferred measure of inflation is likely to be of particular importance, as analysts are expecting it to come in higher than the central bank’s target of 2%. Chip-maker earnings will also be closely watched, along with the Jackson Hole conference of central banks from around the world. For more investing insights, please visit wealth.db.com In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk. The services described in this podcast are provided by Deutsche Bank AG or by its subsidiaries and/or affiliates in accordance with appropriate local legislation and regulation. Deutsche Bank AG is subject to comprehensive supervision by the European Central Bank (“ECB”), by Germany’s Federal Financial Supervisory Authority (BaFin) and by Germany’s central bank (“Deutsche Bundesbank”). Brokerage services in the United States are offered through Deutsche Bank Securities Inc., a broker-dealer and registered investment adviser, which conducts investment banking and securities activities in the United States. Deutsche Bank Securities Inc. is a member of FINRA, NYSE and SIPC. Lending and banking services in the United States are offered through Deutsche Bank Trust Company Americas, member FDIC, and other members of the Deutsche Bank Group. The products, services, information and/or materials referred to within this podcast may not be available for residents of certain jurisdictions. © 2026 Deutsche Bank AG and/or its subsidiaries. All rights reserved. This podcast may not be used, reproduced, copied or modified without the written consent of Deutsche Bank AG. 030620 030121