0509 GMT - If the U.S. economy is as strong as Federal Reserve Chairman Kevin Warsh thinks, markets might see higher government bond yields, Mirabaud Asset Management's Andrew Lake says. "The next round of earnings will be key to seeing the effects of the Iran war and whether companies continue to be as bullish as the previous quarter," the CIO says. If so, that will continue to support equities and pressure government bonds, he says. Europe, the U.K., and Japan are not in the same situation, so while inflation is picking up, the capacity to raise rates much beyond current levels is limited and risks going into restrictive territory, Lake says.