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Bonds Flash a Warning Sign to the Fed
The Treasury market did exactly what’s expected during a global stock-market rout: It staged a strong rally. The U.S. 10-year yield plunged 7 basis points, the most in almost five months, as investors flocked to havens. Yet when looking at a 2018 chart of the global borrowing benchmark, the move barely seems to register. At 3.13 percent, the yield is still firmly above where it started the month, and it isn’t anywhere close to the moving averages that technical strategists love to watch for a crucial reversal. For shorter-dated maturities, the move seems even less pronounced. Beneath the surface, though, lies a ... (full story)