[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article\u002Fthe-real-problem-behind-americas-bond-market-turmoil":3},{"fullWidthTemplates":4,"headers":748,"footers":942},[5],{"url":6,"name":7,"hideBreadcrumbs":8,"pageMetadata":9,"excludeSitemap":12,"contentSections":13,"footerDisclaimers":699,"theme":8,"invertBreadcrumbsColour":8,"breadcrumbParent":8,"id":747,"adminTitle":10,"showChatbot":8},"article\u002Fthe-real-problem-behind-americas-bond-market-turmoil","The real problem behind America’s bond market turmoil: why higher interest rates may be here to stay",null,{"name":10,"property":8,"image":8,"content":11,"description":8},"The real problem behind America’s bond market turmoil","Rising US Treasury yields reflect more than debt concerns. Investors may be pricing in higher inflation, stronger growth and higher rates for longer.",false,[14],{"__typename":15,"id":16,"name":7,"headingText":7,"subheadingText":8,"thumbnail":17,"articleCategories":24,"author":31,"date":33,"articleContent":34},"Article","cmtcg5kz6euq1071d1a8jx1lu",{"url":18,"altText":19,"size":20,"fileName":21,"title":22,"mimeType":23,"imageQuality":8},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002Fcmtcfuzwniozy072ui6xts1fk","5 piles of coins with the letters B,O,N,D,S on top of of them to represent the real problem behind America’s bond market turmoil and how it affects NZ investors | Generate",506510,"Bonds.png","Bonds","image\u002Fpng",[25,30],{"name":26,"headingText":27,"template":28},"Article Category -  Market insights","Market insights",{"url":29},"news-and-guides\u002Finvesting-news-and-insights",{},[32],"Greg Smith, Investment Specialist","2026-08-28",{"raw":35,"references":698},{"children":36},[37,51,54,58,61,65,68,72,75,79,82,86,125,128,132,135,139,142,158,161,166,169,173,176,180,183,187,190,194,197,201,204,208,211,215,218,222,225,229,232,236,239,243,246,250,253,257,260,264,267,271,274,278,281,285,288,292,295,307,310,314,317,321,324,328,331,335,338,342,345,349,352,356,359,363,366,370,373,377,380,384,387,391,394,398,401,405,408,419,422,426,429,433,436,440,443,447,450,454,457,461,464,468,471,475,478,482,485,489,492,496,499,503,506,510,513,517,520,524,527,531,534,538,541,545,548,552,555,559,562,566,569,573,576,580,583,587,590,594,597,601,604,608,611,615,618,622,625,629,632,636,639,643,646,650,653,657,660,664,667,671,674,678,681,685,688,692,695],{"type":38,"children":39},"paragraph",[40,42,50],{"text":41},"",{"href":43,"type":44,"title":45,"children":46,"openInNewTab":49},"https:\u002F\u002Fwww.nzherald.co.nz\u002Fbusiness\u002Fpersonal-finance\u002Finvestment\u002Fthe-real-problem-behind-americas-bond-market-turmoil-generate-wealth-weekly\u002FQ3A7MXJCDFD3FA6L7RYKUGZ6AQ\u002F","link","The New Zealand Herald",[47],{"text":48},"This article orginally appeared in The New Zealand Herald",true,{"text":41},{"type":38,"children":52},[53],{"text":41},{"type":38,"children":55},[56],{"bold":49,"text":57,"italic":49},"US Treasury buybacks sparked a short-lived bond rally, but investors remain focused on inflation, deficits and structurally higher interest rates.",{"type":38,"children":59},[60],{"text":41},{"type":38,"children":62},[63],{"text":64},"Financial markets were handed a surprise last week when the US Treasury announced a significant expansion of its longer-dated bond buyback programme.",{"type":38,"children":66},[67],{"text":41},{"type":38,"children":69},[70],{"text":71},"With the 30-year US Treasury yield recently pushing above 5.2%, around its highest level since 2007, and the benchmark 10-year yield around 4.7%, borrowing costs have returned to levels rarely seen since before the Global Financial Crisis.",{"type":38,"children":73},[74],{"text":41},{"type":38,"children":76},[77],{"text":78},"Against that backdrop, Treasury Secretary Scott Bessent said the Government would more than double the size of some repurchase operations, with a particular focus on bonds maturing between 10 and 30 years.",{"type":38,"children":80},[81],{"text":41},{"type":38,"children":83},[84],{"bold":49,"text":85},"READ MORE",{"type":87,"children":88},"bulleted-list",[89,103,114],{"type":90,"children":91},"list-item",[92],{"type":93,"children":94},"list-item-child",[95,96,102],{"text":41},{"href":97,"type":44,"title":98,"children":99,"openInNewTab":49},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Farticle\u002Fnew-zealands-record-sharemarket-high-may-be-telling-a-different-story\u002F","NZ's record sharemarket highs ",[100],{"text":101},"NZ's record sharemarket highs may be telling a different story",{"text":41},{"type":90,"children":104},[105],{"type":93,"children":106},[107,108,113],{"text":41},{"href":109,"type":44,"title":110,"children":111,"openInNewTab":49},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Farticle\u002Finvestment-update-video-august-2026\u002F","Investment Update video: August 2026",[112],{"text":110},{"text":41},{"type":90,"children":115},[116],{"type":93,"children":117},[118,119,124],{"text":41},{"href":120,"type":44,"title":121,"children":122,"openInNewTab":49},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Fmanaged-funds\u002Fjoin\u002F","Open a Managed Fund",[123],{"text":121},{"text":41},{"type":38,"children":126},[127],{"text":41},{"type":38,"children":129},[130],{"text":131},"The move initially worked. Treasury prices rose and yields fell as investors responded to the unexpected new source of demand for long-dated bonds.",{"type":38,"children":133},[134],{"text":41},{"type":38,"children":136},[137],{"text":138},"But the relief proved short-lived. Within days, much of the move had reversed, reigniting debate about whether policymakers are becoming increasingly concerned about America’s rising borrowing costs and rapidly expanding debt burden.",{"type":38,"children":140},[141],{"text":41},{"type":143,"children":144,"className":157},"class",[145,148],{"type":38,"children":146},[147],{"text":41},{"src":149,"type":150,"title":151,"width":152,"handle":153,"height":154,"children":155,"mimeType":23},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002Fcmtcfvhfbipvc072u7a0r0l3z","image","Bonds (1).png",800,"cmtcfvhfbipvc072u7a0r0l3z",600,[156],{"text":41},"grid justfy-center",{"type":38,"children":159},[160],{"text":41},{"type":162,"children":163},"heading-three",[164],{"text":165},"Why US Treasury buybacks failed to calm bond markets",{"type":38,"children":167},[168],{"text":41},{"type":38,"children":170},[171],{"text":172},"The comparisons with Japan were immediate, although there is an important distinction.",{"type":38,"children":174},[175],{"text":41},{"type":38,"children":177},[178],{"text":179},"After its property and stock market bubble burst in the early 1990s, Japan spent decades battling weak growth and persistent deflation.",{"type":38,"children":181},[182],{"text":41},{"type":38,"children":184},[185],{"text":186},"In response, the Bank of Japan progressively cut interest rates to near zero and implemented large-scale bond-buying programmes, eventually introducing yield-curve control to suppress government borrowing costs.",{"type":38,"children":188},[189],{"text":41},{"type":38,"children":191},[192],{"text":193},"The experience demonstrated both the power and limitations of sustained central bank intervention in bond markets.",{"type":38,"children":195},[196],{"text":41},{"type":38,"children":198},[199],{"text":200},"That helps explain why comparisons were quickly drawn with the United States, where government debt has now surpassed US$40 trillion ($67t) and continues to grow.",{"type":38,"children":202},[203],{"text":41},{"type":38,"children":205},[206],{"text":207},"Without significant policy changes, the Congressional Budget Office projects federal debt held by the public could rise from around 101% of gross domestic product (GDP) today to 175% by 2056.",{"type":38,"children":209},[210],{"text":41},{"type":38,"children":212},[213],{"text":214},"But the comparison only goes so far.",{"type":38,"children":216},[217],{"text":41},{"type":38,"children":219},[220],{"text":221},"Unlike the Bank of Japan’s quantitative easing programmes, Treasury buybacks do not involve creating new money. The US Treasury is effectively changing the mix of debt outstanding, rather than expanding the money supply.",{"type":38,"children":223},[224],{"text":41},{"type":38,"children":226},[227],{"text":228},"The stated objective is also to improve liquidity and market functioning, rather than directly stimulate the economy or establish a target for bond yields.",{"type":38,"children":230},[231],{"text":41},{"type":38,"children":233},[234],{"text":235},"The scale matters too. Even after the increase, the buybacks remain small relative to the enormous US Treasury market. They are therefore unlikely, on their own, to exert sustained downward pressure on borrowing costs.",{"type":38,"children":237},[238],{"text":41},{"type":38,"children":240},[241],{"text":242},"However, reports this week suggest the US Treasury could potentially use part of its roughly US$950 billion cash balance, known as the Treasury General Account, to help fund additional purchases.",{"type":38,"children":244},[245],{"text":41},{"type":38,"children":247},[248],{"text":249},"While that could provide policymakers with more firepower than the initial buyback announcement suggested, those funds are also required to meet the Government’s ongoing obligations and day-to-day financing needs.",{"type":38,"children":251},[252],{"text":41},{"type":38,"children":254},[255],{"text":256},"Even so, deploying part of the balance would not reduce the underlying level of government debt or resolve the fiscal pressures contributing to higher yields.",{"type":38,"children":258},[259],{"text":41},{"type":38,"children":261},[262],{"text":263},"Nevertheless, the timing of the announcement tells us something important.",{"type":38,"children":265},[266],{"text":41},{"type":38,"children":268},[269],{"text":270},"The decision came after a sharp rise in long-term yields and suggests officials are paying increasingly close attention to conditions at the longer end of the bond market.",{"type":38,"children":272},[273],{"text":41},{"type":38,"children":275},[276],{"text":277},"Whether the objective is primarily improving liquidity, reducing volatility or reassuring investors, rising borrowing costs are clearly attracting attention at the highest levels of the US Government.",{"type":38,"children":279},[280],{"text":41},{"type":38,"children":282},[283],{"text":284},"Markets also appeared uncomfortable with the broader backdrop. The US dollar fell to a three-month low during the week, while gold rallied and investors increased bets against the greenback.",{"type":38,"children":286},[287],{"text":41},{"type":38,"children":289},[290],{"text":291},"For some investors, that reflected concern that America’s deteriorating fiscal position could eventually create difficult choices for policymakers.",{"type":38,"children":293},[294],{"text":41},{"type":143,"children":296,"className":306},[297,300],{"type":38,"children":298},[299],{"text":41},{"src":301,"type":150,"title":302,"width":152,"handle":303,"height":154,"children":304,"mimeType":23},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002Fcmmi6r1zy0iga082yyirlp736","White House.png","cmmi6r1zy0iga082yyirlp736",[305],{"text":41},"grid justify-center",{"type":38,"children":308},[309],{"text":41},{"type":162,"children":311},[312],{"text":313},"America’s growing debt burden and the risk to Treasury demand",{"type":38,"children":315},[316],{"text":41},{"type":38,"children":318},[319],{"text":320},"Another concern is whether some of America’s largest foreign creditors could gradually reduce their exposure to US government debt.",{"type":38,"children":322},[323],{"text":41},{"type":38,"children":325},[326],{"text":327},"China has already been gradually reducing its reported Treasury holdings for years, with those holdings falling from around US$1.3t in 2013 to roughly US$633b today.",{"type":38,"children":329},[330],{"text":41},{"type":38,"children":332},[333],{"text":334},"That has been a gradual diversification rather than a wholesale exit from the dollar and overall foreign demand for Treasuries remains substantial.",{"type":38,"children":336},[337],{"text":41},{"type":38,"children":339},[340],{"text":341},"Indeed, foreign investors collectively still hold more than US$9t of US Treasury securities. Nevertheless, with overseas investors providing such an important source of demand, Washington has good reason to remain sensitive to any significant change in their appetite for US government debt.",{"type":38,"children":343},[344],{"text":41},{"type":38,"children":346},[347],{"text":348},"The fundamental challenge facing the United States is not simply one of market liquidity. It is one of fiscal arithmetic.",{"type":38,"children":350},[351],{"text":41},{"type":38,"children":353},[354],{"text":355},"That helps explain why the initial rally faded. Investors remain far more focused on deficits, inflation and future Treasury issuance than on relatively modest buyback operations.",{"type":38,"children":357},[358],{"text":41},{"type":38,"children":360},[361],{"text":362},"Lower borrowing costs ultimately need to be supported by some combination of fiscal restraint, stronger economic growth and lower inflation.",{"type":38,"children":364},[365],{"text":41},{"type":162,"children":367},[368],{"text":369},"Higher-for-longer interest rates may be the bigger story",{"type":38,"children":371},[372],{"text":41},{"type":38,"children":374},[375],{"text":376},"But debt may only be part of the story.",{"type":38,"children":378},[379],{"text":41},{"type":38,"children":381},[382],{"text":383},"One argument for the recent sell-off is that investors are simply demanding a higher risk premium for lending to an increasingly indebted US Government.",{"type":38,"children":385},[386],{"text":41},{"type":38,"children":388},[389],{"text":390},"There is likely some truth to that. However, developments elsewhere in interest rate markets suggest something broader may be occurring.",{"type":38,"children":392},[393],{"text":41},{"type":38,"children":395},[396],{"text":397},"Interest-rate swap markets, which many investors view as a cleaner measure of expectations for future Federal Reserve policy than Treasury yields, have also moved sharply higher.",{"type":38,"children":399},[400],{"text":41},{"type":38,"children":402},[403],{"text":404},"In plain English, investors are not just becoming more worried about US government debt. They appear to be pricing in a world where interest rates may remain higher for much longer than previously expected.",{"type":38,"children":406},[407],{"text":41},{"type":143,"children":409,"className":306},[410,413],{"type":38,"children":411},[412],{"text":41},{"src":414,"type":150,"title":415,"width":152,"handle":416,"height":154,"altText":415,"children":417,"mimeType":23},"https:\u002F\u002Fap-southeast-2.graphassets.com\u002FAKCbhBjCsTzKiieKkNfvxz\u002Fresize=width:800,height:600\u002Fcmge6lnrh2ryh072nl32faab7","Interest rates.png","cmge6lnrh2ryh072nl32faab7",[418],{"text":41},{"type":38,"children":420},[421],{"text":41},{"type":38,"children":423},[424],{"text":425},"That is a very different message.",{"type":38,"children":427},[428],{"text":41},{"type":38,"children":430},[431],{"text":432},"It suggests the rise in long-term borrowing costs is not merely about deficits or the enormous volume of bonds the US Treasury needs to sell. Investors may instead be reassessing the entire outlook for inflation, economic growth and the long-run cost of capital.",{"type":38,"children":434},[435],{"text":41},{"type":38,"children":437},[438],{"text":439},"In other words, the market may be demanding higher yields not simply because more bonds are being issued, but because investors are becoming less confident that inflation and interest rates will return to the unusually low levels that prevailed between the Global Financial Crisis and the pandemic.",{"type":38,"children":441},[442],{"text":41},{"type":38,"children":444},[445],{"text":446},"In essence, markets may be questioning whether inflation will settle sustainably back at the low levels that investors became accustomed to during the decades before the pandemic, and therefore whether interest rates can ultimately return to similarly low levels.",{"type":38,"children":448},[449],{"text":41},{"type":38,"children":451},[452],{"text":453},"That makes this week’s Jackson Hole central bankers’ gathering particularly important.",{"type":38,"children":455},[456],{"text":41},{"type":38,"children":458},[459],{"text":460},"Federal Reserve chair Kevin Warsh will have an opportunity to address these concerns, with investors likely to pay close attention to his assessment of inflation and whether interest rates may need to remain higher for longer.",{"type":38,"children":462},[463],{"text":41},{"type":162,"children":465},[466],{"text":467},"AI investment, global borrowing and competition for capital",{"type":38,"children":469},[470],{"text":41},{"type":38,"children":472},[473],{"text":474},"Adding to the challenge is increasing competition for capital.",{"type":38,"children":476},[477],{"text":41},{"type":38,"children":479},[480],{"text":481},"Governments around the world are running large fiscal deficits and issuing substantial amounts of debt.",{"type":38,"children":483},[484],{"text":41},{"type":38,"children":486},[487],{"text":488},"At the same time, enormous private-sector investment is flowing into artificial intelligence (AI) infrastructure and data centres.",{"type":38,"children":490},[491],{"text":41},{"type":38,"children":493},[494],{"text":495},"According to JPMorgan, hyper-scalers have already issued around US$219b of investment-grade bonds this year to help fund the AI build-out.",{"type":38,"children":497},[498],{"text":41},{"type":38,"children":500},[501],{"text":502},"Governments and businesses are also spending heavily on energy infrastructure, renewable generation and national security.",{"type":38,"children":504},[505],{"text":41},{"type":38,"children":507},[508],{"text":509},"All of those projects require capital.",{"type":38,"children":511},[512],{"text":41},{"type":38,"children":514},[515],{"text":516},"When demand for capital increases, investors can demand a higher return for providing it. That helps explain why borrowing costs have been rising across a number of developed economies, rather than solely in the United States.",{"type":38,"children":518},[519],{"text":41},{"type":38,"children":521},[522],{"text":523},"This matters because America’s fiscal position is becoming increasingly sensitive to interest rates.",{"type":38,"children":525},[526],{"text":41},{"type":38,"children":528},[529],{"text":530},"Net interest has become one of the largest items in the US federal Budget, competing with major programmes such as Social Security, Medicare and defence for fiscal resources.",{"type":38,"children":532},[533],{"text":41},{"type":38,"children":535},[536],{"text":537},"As old debt matures and is refinanced at higher rates, the cost of servicing the Government’s enormous debt stock can rise further.",{"type":38,"children":539},[540],{"text":41},{"type":38,"children":542},[543],{"text":544},"Every additional dollar spent servicing debt is also a dollar that cannot easily be spent elsewhere without increasing borrowing further. That is why markets are becoming increasingly sensitive not just to the size of America’s debt, but to the interest rate the Government must pay on it.",{"type":38,"children":546},[547],{"text":41},{"type":38,"children":549},[550],{"text":551},"Concerns about America’s debt position are not new and previous fiscal standoffs have come and gone without displacing US Treasuries from their central role in the global financial system. The difference today is that the focus has shifted from short-term political disputes to the longer-term trajectory of deficits, inflation and borrowing costs.",{"type":38,"children":553},[554],{"text":41},{"type":162,"children":556},[557],{"text":558},"What rising US bond yields mean for New Zealand investors",{"type":38,"children":560},[561],{"text":41},{"type":38,"children":563},[564],{"text":565},"Why should New Zealand investors care?",{"type":38,"children":567},[568],{"text":41},{"type":38,"children":570},[571],{"text":572},"While the debate around Treasury buybacks may seem like a distant Washington issue, developments in the US bond market have implications well beyond America’s borders.",{"type":38,"children":574},[575],{"text":41},{"type":38,"children":577},[578],{"text":579},"US Treasury yields act as a benchmark for borrowing costs across the global financial system. Changes in those yields influence everything from corporate funding costs and mortgage rates to asset valuations around the world. New Zealand is not immune from those forces.",{"type":38,"children":581},[582],{"text":41},{"type":38,"children":584},[585],{"text":586},"If concerns about America’s fiscal position weaken the US dollar against the New Zealand dollar, unhedged overseas investments could face a translation headwind, even if the underlying assets perform well.",{"type":38,"children":588},[589],{"text":41},{"type":38,"children":591},[592],{"text":593},"There is also a direct link to sharemarkets. Rising long-term bond yields increase the discount rate investors use to value future company earnings, which can place pressure on equity valuations, particularly for growth companies whose expected profits lie further into the future. Conversely, a sustained decline in yields would generally be supportive for share prices.",{"type":38,"children":595},[596],{"text":41},{"type":38,"children":598},[599],{"text":600},"That helps explain why equity investors are paying such close attention to what is happening in the Treasury market.",{"type":38,"children":602},[603],{"text":41},{"type":38,"children":605},[606],{"text":607},"None of this necessarily means investors should become bearish on shares. There are important offsets. Corporate earnings remain strong, while the global economy has proved remarkably resilient, with recent business surveys showing activity across the major developed economies accelerating.",{"type":38,"children":609},[610],{"text":41},{"type":38,"children":612},[613],{"text":614},"The extraordinary investment boom around AI is also providing a powerful source of economic activity, with hundreds of billions of dollars flowing into data centres, semiconductors, power infrastructure and related industries.",{"type":38,"children":616},[617],{"text":41},{"type":38,"children":619},[620],{"text":621},"Higher bond yields may therefore create periods of volatility and put pressure on expensive valuations, but if they partly reflect stronger economic growth and investment rather than simply higher inflation, they need not be bad news for shares.",{"type":38,"children":623},[624],{"text":41},{"type":38,"children":626},[627],{"text":628},"There is an interesting tension here. The AI investment boom may be contributing to upward pressure on the cost of capital at the same time as it supports economic growth and corporate profits.",{"type":38,"children":630},[631],{"text":41},{"type":162,"children":633},[634],{"text":635},"The end of ultra-low interest rates?",{"type":38,"children":637},[638],{"text":41},{"type":38,"children":640},[641],{"text":642},"The broader message is that the era of ultra-low interest rates appears increasingly distant. Markets are becoming more sensitive to government debt levels, persistent inflation risks and the enormous competition for global capital.",{"type":38,"children":644},[645],{"text":41},{"type":38,"children":647},[648],{"text":649},"For investors, that could mean greater volatility. It also reinforces the value of diversification and maintaining a long-term perspective, rather than attempting to predict every move in interest rates, currencies or bond markets.",{"type":38,"children":651},[652],{"text":41},{"type":38,"children":654},[655],{"text":656},"The United States still retains enormous advantages. It issues the world’s dominant reserve currency, its economy remains resilient and its Treasury market offers a combination of scale, liquidity and depth that remains extremely difficult to replicate.",{"type":38,"children":658},[659],{"text":41},{"type":38,"children":661},[662],{"text":663},"Even countries such as China that have gradually diversified their reserves have no obvious alternative capable of replacing the US Treasury market entirely.",{"type":38,"children":665},[666],{"text":41},{"type":38,"children":668},[669],{"text":670},"But recent volatility is a reminder that even the world’s largest borrower cannot completely control the price investors demand for lending it money. Buybacks may improve liquidity, but they cannot resolve concerns about deficits, inflation or the growing competition for capital.",{"type":38,"children":672},[673],{"text":41},{"type":38,"children":675},[676],{"text":677},"And that may be the real message from the bond market.",{"type":38,"children":679},[680],{"text":41},{"type":38,"children":682},[683],{"text":684},"Investors may be questioning not just America’s debt trajectory, but whether persistent inflation, heavy government borrowing and enormous investment requirements will keep the cost of capital structurally higher than it was before.",{"type":38,"children":686},[687],{"text":41},{"type":38,"children":689},[690],{"text":691},"For investors in New Zealand and elsewhere, that matters far more than the size of any Treasury buyback programme.",{"type":38,"children":693},[694],{"text":41},{"type":38,"children":696},[697],{"text":41},[],[700],{"symbol":8,"disclaimerTheme":8,"disclaimer":701},{"raw":702},{"children":703},[704],{"type":38,"children":705},[706,708,713,715,717,722,724,729,731,737,739,745],{"text":707,"italic":49},"No part of this article is intended as financial advice; it is intended as general information only. To see our Financial Advice Provider Disclosure Statement, please see ",{"href":709,"type":44,"children":710,"openInNewTab":49},"\u002Ffile\u002Fdoc\u002Fgenerate-fap-disclosure-statement",[711],{"text":712,"italic":49},"Generate FAP Disclosure Statement",{"text":714},". ",{"text":716,"italic":49},"For more information see the ",{"href":718,"type":44,"title":719,"children":720,"openInNewTab":49},"\u002Ffile\u002Fdoc\u002Fkiwisaver-pds","Generate KiwiSaver Scheme Product Disclosure Statement",[721],{"text":719,"italic":49},{"text":723,"italic":49}," or the  ",{"href":725,"type":44,"children":726,"openInNewTab":12},"\u002Ffile\u002Fdoc\u002Fmanaged-funds-pds\u002F",[727],{"text":728,"italic":49},"Generate Unit Trust Scheme (Managed Funds) Product Disclosure Statement",{"text":730,"italic":49}," or the fund updates for ",{"href":732,"type":44,"title":733,"children":734,"openInNewTab":49},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Fkiwisaver\u002Ffund-updates\u002F","Fund updates for Generate KiwiSaver Scheme",[735],{"text":736,"italic":49},"KiwiSaver",{"text":738,"italic":49}," and for ",{"href":740,"type":44,"title":741,"children":742,"openInNewTab":49},"https:\u002F\u002Fwww.generatewealth.co.nz\u002Fmanaged-funds\u002Ffund-updates\u002F","Fund Updates for Generate Managed Funds",[743],{"text":744,"italic":49},"Managed Funds",{"text":746,"italic":49},". 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