Bloomberg Surveillance · Wednesday, September 2, 2026
Jay Pulaski of TPW Advisory described a 'Tripolar World Spending Supercycle' where Asia, Europe, and the Americas are simultaneously investing in AI, defense, and climate initiatives. This global spending is fueling a long cycle of growth, boosting developed market bond yields and driving a global earnings boom for stocks.
“We are believers in what we call the TPW, or Tripolar World Spending Supercycle, which means Asia, Europe, and the Americas are all spending at the same time on AI, on defense, and on climate.”
“And that is leading to what we call a global growth long cycle, which is pushing up developed market, in particular, developed market sovereign bond yields, as you just noted. But it's also leading to a global earnings boom. And that's really the key driver for stocks.”
“So to get to your question specifically about bonds and trading at 478 or whatever, you know, one of the things I think is pretty interesting, and I looked this morning to make sure this is right, the 10-year yield in the U.S. is up a whopping five basis points over the last month. Five, not 50, five.”