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Higher Yields in 2018 Don't Mean Market Turmoil
The performance of U.S. Treasuries in 2017 confounded many, as the bonds kept to range-bound trading in the context of both higher growth and rate tightening by the Federal Reserve that went beyond initial market expectations. Therefore, it should come as no surprise that the recent move up in yields has triggered so many reactions, including warnings that we may be at the end of one of modern history’s greatest bull markets for fixed income. Yet while the specific level of yields is important, the nature of the move and its drivers will play an equal if not greater role in determining the broader economic and ... (full story)