Which of the following factors generally affects the yield on bonds?

The yield on bonds is significantly influenced by inflation rates. When inflation rises, the purchasing power of future cash flows decreases. Investors demand higher yields to compensate for this reduced purchasing power to maintain their real returns. Higher inflation expectations can lead to increased interest rates set by central banks, which further affects bond yields. Conversely, when inflation is low, bond yields tend to decrease as the risk of losing purchasing power diminishes, making bonds more attractive at lower yields. The relationship between inflation and bond yields is a fundamental concept in fixed-income investing as it impacts investment decisions and market dynamics.

The other factors listed, such as customer satisfaction, employee turnover, and company branding, are more relevant to corporate performance and stock valuations rather than directly influencing bond yields. While they may affect a company's creditworthiness indirectly, they do not have the same direct relationship with yield as inflation does.