Government bond yields are rising across several major economies, prompting fresh debate among the team about inflation, growth and the path for interest rates. They then turn to the telecom sector, where new technology and competition are shaking up an historically sleepy and ‘defensive’ corner of the market. Finally, this month’s stock spotlight is HDFC Bank, one of India’s leading private sector banks and a business at the heart of one of the world’s fastest-growing major economies.