This podcast episode explores the surprises in the financial market in 2024, including the strong U.S. economy and the subsequent rise in interest rates. The speakers discuss the factors driving higher yields for government bonds and credit, such as strong economic data, heavy supply, low carry, and unfavorable seasonality. However, they note that these factors may have different effects on other asset classes, such as credit, allowing credit spreads to remain tight even as government bond yields rise.