Bank of England Governor Andrew Bailey spoke on Wednesday at an event during the International Monetary Fund's spring meetings in Washington. He cautioned that price swings in the bond market are now exceeding those in other asset classes, following a significant rise in leverage. Bailey noted that a "great shift" in government debt markets has introduced elements of "fragility." The Bank of England has repeatedly warned about the surge in hedge fund activity within bond markets. Some observers suggest that this shift has amplified volatility in yields since the onset of the war in Iran.