The man who made some of the boldest contrarian bets in the bond market last year has a new message for investors: get out of supposedly safe government debt now, before it is too late.
“The downside of being early is very limited. You’re not participating in any 11th-hour rallies, but it’s not like you’re losing money,” says Michael Hasenstab, who oversees $175bn in bonds for Franklin Templeton, the Californian asset manager.
Rising interest rates mean losses for holders of long-dated debt and he says that if it were not for the Federal Reserve’s bond-buying programme, US Treasury yields would be “higher, meaningfully higher”.
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