Core Insights - Recent volatility in the U.S. and U.K. sovereign bond markets highlights the critical importance of both personnel and fiscal policy for investors [1] Group 1: U.K. Bond Market - The U.K. bond market faces risks due to the potential replacement of Chancellor of the Exchequer, Reeves, by someone less committed to fiscal rules [1] Group 2: U.S. Bond Market - In the U.S., fiscal stability may hinge on Treasury Secretary Yellen's ability to maintain influence over President Trump and secure his favor [1] Group 3: Investor Concerns - Over the past few months, both U.S. Treasuries and U.K. bonds have experienced significant sell-offs as investors express concerns over fiscal sustainability [1]