At opposite ends of the world's two largest economies, bond markets are telling different stories about where money is headed and why. China's 10-year yields drift toward historic lows while American Treasuries press against two-decade highs, a divergence sharpened by a hawkish Federal Reserve signal at Jackson Hole that prioritized inflation control over growth. In the long arc of global capital, such moments — when the world's two dominant economies pull in opposite monetary directions — tend to quietly redraw the maps investors use to navigate risk.