GLD/TLT actually lost 1.7% in May, as gold remains lacklustre, and TLT which looked like it was ready to break down, staged a rally. The US 30 year treasury briefly broke 5%, but came back again.
Coming into the month, it was beginning to look like credit markets were backing away from endlessly financing AI spend at both Softbank and Oracle, both firms closely related to OpenAI. Oracle CDS was perhaps the clearest example of these concerns.
