Revisions galore as bond strategists miss big picture
Yields have tumbled amid global economic and geopolitical surprises that have made the Fed cut rate projections twice, banks revise forecasts repeatedly.
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New York
IF at first you don't succeed, revise, revise again. That's become the mantra of Wall Street's bond-market forecasters this year. Stephen Stanley knows how frustrating it's been. The chief economist at Amherst Pierpont Securities LLC has cut his Treasury 10-year yield forecast five times, to 2.2 per cent from 3.6 per cent.
"I've pretty much pulled out what's left of my hair trying to figure out bond yields this year," Mr Stanley said.
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