Blain’s Morning Porridge January 21st, 2026 – Beware the Judder Moment in Bonds“A pebble falling down a mountain in Japan may trigger momentous events in Nuuk.”Trump dominates the headlines but watch what’s happening in the bond markets. Yesterday Japan bond yields juddered a warning about political competency risks, but also how rising geopolitical and conflict risks are resetting investor expectations. When the bond market speaks, you ought to listen. Plus, Air Force One, Bitcoin and Howard Lutnick.In Bond markets there is truth – as shall be revealed below. In Trump… less so.Trump, Trump, Trump… He utterly dominates the news flow. Some Americans have lambasted me for my recent comments, calling me rude and ill-informed. They parroted the Trump lines about the only way to defend Nato is to destroy Nato. or something like that. More Americans have told me they agree completely, confirming in my mind the increasingly dangerous polarisation of the USA could metastize into something more truly malignant.Rising US Political Risk and domestic pressures should be on everyone’s threat board as the November Mid Terms approach. How much clearer can I say it?

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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