US treasury bond yields caught out many investors in the first quarter, tightening sharply below 4% in February and once more wrong-footing many who had been expecting that they would widen.
Financial institutions have benefited so far. The four US investment banks that announced first-quarter earnings last month had bumper trading quarters, whether from proprietary or customer trading. All easily beat equity analysts’ consensus earnings per share numbers as a result, Goldman Sachs managed to do so by 50%.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
