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The Market’s (Too) Many Safety Trades, Ranked
In a market constantly gripped by fear of what’s around the corner – whether it’s Iran, coronavirus, or political uncertainty – there’s no shortage of so-called safety trades. In fact, the list is getting so long that it’s probably time for investors to start doing some soul-searching as to how such a large swath of financial instruments can all purportedly serve the same purpose. As usual, the explanation for this phenomena is wrapped up in the U.S. Treasury market. With the general consensus view right now that interest rates will stay low(er) for long(er), every asset considered to be a safe-haven or ... (full story)