Even Bond Traders Aren't Buying the Rally In Treasuries

Even Bond Traders Aren't Buying the Rally In Treasuries

Now we know. The rally in government bonds that pushed yields on benchmark 10-year notes down from more than 3.20 percent in November to less than 2.55 percent last week wasn't a sign that the U.S. economy was about to roll over into recession. Instead, like the jaw-dropping plunge in stocks, chalk the move up to exaggerated year-end positioning changes and other quirky market structure forces such as short covering. Just ask bond traders.

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