A LOAD OF JUNK ON ITS WAY TO LONDON
A decline in US interest rates should be great news for dollar bond markets. So far this year the yield on 10-year US Treasury bonds has plunged from 9% to around 7.3% by early last month. Traditionally, the yields on Eurobonds would have felt the Treasuries’ gravitational pull and meekly followed the US market downwards. They haven’t. The US treasury bond rally has outstripped the Eurobond market’s comparatively feeble efforts at perking up.
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