It may be the most unanticipated rally of the summer, but there’s no denying the strength and breadth of the bond market’s surge of late.
The 10-year Treasury yield fell sharply yesterday, dropping to 1.37% — the lowest since late-February. The ongoing decline offers more support for arguing that the reflation trade is fading.
* Tropical Storm Elsa batters Florida’s west coast
* Nuclear talks in doubt after Iran starts producing enriched uranium
* Claims of new Russia-linked computer hacking raises challenges for Biden
* US warship leads drills in Black Sea, Russia’s backyard
* North America experienced its warmest June on record
* Are rising gasoline prices a new headwind for US economy?
* Will winning streak for small-cap stocks continue?
* Global growth retreated to 3-month low in June but remained “strong”
* US growth decelerated in June but expansion remains “impressive”
* US Services PMI fell more than expected in June but still signals strong growth: