For many in bond markets, the sell-off across fixed-income assets since the start of year might appear a bracing taste of things to come.
Markets are undergoing a pivotal shift. Where extraordinary support from central banks was a key driver for markets over the past nine months, economic fundamentals will take the lead this year. And bond market repricing sits at the nexus of this transition.
The repricing has already begun. Long-term US government bonds have lost more than 12 per cent this year amid rising volatility in fixed-income markets. Stronger fiscal stimulus in the US is weighing heavily on the bond market.
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