Metals Bottom and Yield Peak Hinge on Policies, Says CME’s Norland

CME Group’s Chief Economist Erik Norland argues near-term monetary policy and longer-term fiscal stances will decide if precious metals have bottomed and bond yields have peaked. Early 2026 brought divergent inflation narratives: metals rallied on worries over sticky prices, eroding central-bank independence and currency debasement, while U.S. Treasury yields kept falling.