The bond vigilantes are coming back as investors continue to sell amid the prospect of higher for longer interest rates and a growing fiscal deficit, according to Kevin Zhao, head of global sovereign and currency at UBS Asset Management. The yield on the benchmark 10-year U.S. Treasury note rose above 5% once again on Monday, having passed the milestone on Thursday for the first time since 2007. Yields move inversely to prices. The further selling came after Federal Reserve Chairman Jerome Powell vowed to remain resolute in keeping monetary policy tight as the central bank looks to return inflation sustainably to its … (full story)
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