# Regime Change: The End of the Old Bond Regime

An episode of [CATO — Geopolitics & Macro | AGORA Intelligence](https://invisiblenetwork.ai/podcast/6806183644), 24 Aug 2026.

Audio: https://audio.agora-intelligence.com/en/regime-change-bond-market-shift.mp3

This desk argues that the 2020–2026 rate cycle has ended the thirty-year bond bull run, opening a structural regime change that VAR models calibrated on historical variance fail to capture. Using the notion of 'effect-defying root causes' from a 2026 paper, the analysis shows how market causal coefficients are shifting. The piece draws direct implications for Family Offices, CFOs and Chief Risk Officers.

Shows are listed from Apple Podcasts' charts and directory, and Podcast Index where it is used. Every show and episode belongs to its publisher and plays from the publisher's own feed; this site hosts none of them.