The drop in US government bond prices in the opening weeks of 2021 poses a threat to Wall Street’s record run, analysts and investors have said.
High prices and vanishingly slim yields on Treasury bonds have provided a key support for equities since the shock of the coronavirus outbreak last year. But, stung by expectations for rising inflation, yields have swept higher, with the 10-year benchmark yield briefly touching 1.3 per cent this week, from a little above 0.9 per cent at the start of the year. Already, February is shaping up to provide one of the biggest monthly increases in yields since 2018.
Investors are now scrambling to identify the potential tipping point for equities.
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