This week’s rally in global bond markets has shattered investors’ months-long assumption that interest rates in the US and elsewhere will remain higher for longer.
The benchmark 10-year US Treasury yield, seen as a proxy for borrowing costs around the world, fell below 4 per cent for the first time since August. The policy-sensitive two-year yield, which closely tracks rate expectations, slipped to its lowest point since May.
Other government bond markets have also undergone a dramatic about-turn in recent days, with Germany’s 10-year Bund yield sliding to its lowest level in nine months as its price shot higher.
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