BETTING against US government debt this year is turning out to be a fool's errand. Just ask Wall Street's biggest bond dealers. While the losses that their economists predicted have yet to materialise, JPMorgan Chase & Co, Citigroup Inc and the 20 other firms that trade with the Federal Reserve began wagering on a treasuries selloff last month for the first time since 2011. The strategy was upended as Fed chair Janet Yellen signalled that she wasn't in a rush to lift interest rates, two weeks after suggesting the opposite at the bank's March 19 meeting.
The surprising resilience of treasuries has investors re-calibrating forecasts for higher borrowing costs as lacklustre job growth and emerging-market...
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