A four-decade bull run in developed-market government bonds has come to an end — leaving traders to deal with the impact of huge planned bond sales by central banks into volatile markets.
Yields on government bonds in major markets have soared this year, as investors reacted to higher-than-expected inflation, sharp interest rate hikes, and the looming unwinding of trillions of dollars of central bank bond-buying carried out since the financial crisis.
According to Deutsche Bank strategist Jim Reid, at a global market level, government bonds are now in their first bear market for more than 70 years. The yield on 10-year UD Treasuries has risen from less than 1.5 per cent to around 3.8 per cent this year. Yields rise as prices fall.
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