The defensive tactics employed by sovereign bond investors mirror those used in the natural world by one of its lizards, according to Bryn Jones, the head of fixed income at wealth management firm Rathbones.
A Pogona - commonly called the Bearded Dragon - has a throat that turns black and puffs out if it becomes stressed or is attacked. But if it fails to deter any rival, the reptile would also flee. Jones told CNBC Friday that this had striking similarities to events in the fixed income markets which have seen a selloff in the last few weeks.
"There's been so much volatility around bonds recently that when the bond market sells off, it then attacks and we get a little rally again," he told CNBC Friday.
"This is what the bearded dragon does. As soon as an attacker comes it fluffs up its beard but its next line of defense, you would think it looks kind of nasty, is actually to run away. It has no teeth."
Benchmark Treasury yields - which move inversely to prices - have seen some major moves in recent weeks after threatening to hit zero earlier in the year. The yield on the 10-year German Bund snapped back sharply to over 0.7 percent in mid-May, although dovish comments from a European Central Bank policymaker this week have helped them to creep lower once more.
The rebound in the price of oil and the anticipation of an interest rate hike in the U.S. has led many to believe that inflation is starting to come back to the global economy. Inflation is usually seen as bad for fixed income markets and good for risk assets like stocks. Analysts like Jones have dubbed this the "reflation trade" and some even believe that the market might not reach the record lows in yields that we saw in April.