(Bloomberg) Speculators in Treasuries futures proved prescient coming into this week: They turned bullish on two-year notes and pared short bets on 10-year debt heading into the biggest bond-market rally since 2016. An escalating political crisis in Italy roiled financial markets Tuesday and drove investors to the safety of Treasuries. Two-year yields fell about 16 basis points to 2.32 percent. Ten-year yields sank 15 basis points to 2.78 percent, for the steepest drop since June 2016.
Biggest Bond Rally Since 2016 Came at Right Time for Hedge Funds
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