(Bloomberg) -- Treasuries are poised for their longest monthly winning streak in three years as traders brace for the Federal Reserve to start cutting...
-- Treasuries are poised for their longest monthly winning streak in three years as traders brace for the Federal Reserve to start cutting interest rates.US government bonds returned 1.5% in August through Thursday, set for a fourth month of gains that would be the longest run since July 2021, according to the Bloomberg US Treasury Total Return Index.
“The bond market is still an interesting place to be,” Tiffany Wilding, an economist at Pacific Investment Management Co., said in an interview on Bloomberg Television. “We see a lot of value despite the recent rally.” Short-term notes, which are more sensitive to the Fed’s policy, outperformed this month, leaving a key section of the yield curve on the verge of turning positive for the first time since July 2022. The two-year yield is less than five basis points above its 10-year counterpart. The gap was more than 100 basis points in March 2023, the deepest inversion since the 1980s.Treasuries’ winning streak has some concerned that the rally has gone on long enough.
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