The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
A fascinating tug of war is unfolding in the US government bond market that is an indicator of a broader trend — the spreading influence of “geoeconomics”.
Going into September, many traders and analysts were comfortable with the notion that the US government bond yield curve would steepen — that is, longer-dated yields would rise faster than shorter-dated ones to take into account the greater risk of holding bonds for more time.
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