U.S. Treasury securities will “retest the lows in yields we had in 2008,” said David Rosenberg, chief economist at Gluskin Sheff & Associates Inc. in Toronto.
“There’s more room for inflation expectations to come down,” Rosenberg said in an interview today on Bloomberg Radio with Tom Keene after the government reported that non-farm payrolls fell for the first time this year.
The yield on the benchmark 10-year note dropped to a closing low of 2.06 percent on Dec. 30, 2008. The note yielded 2.96 percent at 10:11 a.m. in New York today.
“It’s tough for me to see what’s going to support the consumer over the next few quarters,” Rosenberg said, citing “very subdued demand data.”
“There’s no quick fix,” he said.
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