Bond bulls should not rest easy. The world may have reconciled itself to the financial insanity of negative yields, as central banks continue to cut interest rates. But there are signs that the big rally in bond prices may be reaching a turning point. The reason? A major, long-term rebalancing in capital flows between the US and China.
債券多頭不應放鬆警惕。隨著各國央行繼續降息，世界或許已經接受了負收益率帶來的金融錯亂。但有跡象表明，債券價格的大幅上漲可能即將迎來轉折點。原因何在？美中之間資本流動的一輪重大、長期的再平衡。
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