Pushing The Envelope

Pushing The Envelope

Jerome Powell's uncharacteristically deft navigation of treacherous waters around the March FOMC meeting provided a spark for risk globally on Thursday, but consternation began to creep in as yields moved higher. Treasurys led losses for global bonds as the US 10-year pushed through 1.70% and the 30-year through 2.50%, taking bunds and gilts along for the ride. The market met "the new Fed" (as some were characterizing the situation) on Wednesday, where that means the Committee's "show me" attit
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