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Bond yields to climb 'for the wrong reasons' next year — and it will affect stocks, strategist says

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'Something is interesting in the bond market ... and I think we have to be wary of it next year,' said Peter Toogood, chief investment officer at Embark Group.

Toogood suggested that the transition from quantitative easing to quantitative tightening in 2023 will push bond yields higher because governments will be issuing debt that central banks are no longer buying.

But governments will continue issuing sovereign bonds. "All of this is going to be shifted into a market where the central banks are notionally not buying it anymore," he added.

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