New Delhi, Sept. 16 -- When client families sit across the table to review their financial plans, a common question often comes up: why should a bond price in Washington or a policy statement from the Bank of Japan matter to a portfolio in Mumbai? My answer is simple: in a globally interconnected financial system, these two bond markets set the "price of money."

net-worth Indian family with investments in domestic and international equities, linked to upcoming goals like funding a child's foreign education or annual overseas vacations, and domestic borrowings like a home loan or a loan against securities (LAS), this isn't academic macroeconomic theory. It shows up directly in your net worth statement and monthly cash flows.

US benchmark...