THE Treasury market's bulls and bears are ending the quarter in a virtual stalemate, a sign of scepticism towards the economic outlook that belies the near-record levels in US stocks. Treasuries have gained about 0.7 per cent this year, stabilising after the biggest quarterly loss since the 1980s.
Ten-year yields sank to 2.35 per cent this week, not far from this year's lows. The descent marks a reversal from just two weeks ago, when they briefly exceeded 2.6 per cent and threatened to break above an area flagged by market veteran Bill Gross as potentially signalling the start of a bear market.
But instead of sustained losses, Treasuries have rallied as confidence in the reflation trade waned after...
Keyword added to your list