Despite rather panic-stricken headlines about bond market volatility, the 10-year Treasury Note yield is at a level which we saw in 2011, 2012, 2013, 2014, and almost in 2010. I was trained to call this a "trading range", but it is clear that I am not suited to write exciting headlines. The latest FOMC meeting verified that Fed policymakers are slowly coming around to see the world in the same way as the bond markets, in that there is absolutely no sign that U.S. economic growth is going to accelerate any time soon. Normally, one expects there to be some bond market fireworks a few months ahead of the start of a Fed rate hike cycle; the question is whether we have seen them already.....Bond Economics
Will The U.S. Treasury Market Get A Summer Vacation?Brian Romanchuk
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