In Twilight Zone Markets, Bonds Are Stocks And Liabilities Are Assets

In Twilight Zone Markets, Bonds Are Stocks And Liabilities Are Assets

"This has been no ordinary episode of reaching for yield by investors", BofA's Barnaby Martin wrote Friday. That's an understatement. 2019 (and August especially) has been defined by increasingly surreal developments in fixed income, including, among other things, entire government curves going negative, 100-year bonds posting penny-stock-esque returns, zero coupon 30-year issuance, the normalization of negative-yielding investment grade credit in Europe and, of course, the appearance of negati
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