Fixed income markets reverse gains since start of year in ‘reality check’ over path of interest rates
The resulting rise in bond yields has also upset a rally in the stock market, with the S&P 500 losing 2.7 per cent in the past week.
On Friday the Fed’s preferred gauge of price growth – core monthly personal consumption expenditure – rose 0.6 per cent from December to January, higher than consensus forecasts. In a further reflection of shifting sentiment, bond fund flows have reversed in recent weeks – particularly at the riskier end of the credit spectrum.
The gulf between yields on US junk bonds and those of Treasury notes tightened by as much as 0.87 percentage points from New Year’s Eve to reach 3.94 percentage points in mid-January. But that spread has since widened to 4.3 percentage points.
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