All of a sudden, it is one-way traffic in the bond markets. US Treasury bonds, the choice asset of the cautious investor, are tumbling in prices.
Yields on benchmark 10-year bonds jumped yesterday to five-month highs as the latest positive jobs news stoked hopes for economic recovery.
This sharp turnround in the world’s most liquid bond market has occurred in a matter of days. Only on Monday, bond yields were below 2 per cent. Now, amid a stock market rally that has taken equities to their highest levels since the before the global financial crisis, yields have topped 2.3 per cent. Bond bulls are getting nervous.
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