-
Relentless Bond Rally Has Traders Wondering What They Missed
For the past few months, Priya Misra viewed the bond rally as mainly driven by technical factors such as market positioning that would soon reverse.Twice, the global head of rates strategy at TD Securities recommended her clients bet against the rally in Treasuries, expecting strong economic momentum and elevated inflation to push yields higher. Twice, she was forced to abandon the call as bonds kept gaining.Now she’s wondering if falling yields point to cracks in the global economy and the possibility that the Federal Reserve is making a policy error by signaling plans to pare stimulus more quickly than investors ... (full story)