Bonds Tumble by $270 Billion as Draghi, Yellen Batter Markets
- U.S. bond value falls by $162.5b Thursday, Europe's by $107.5b
- `Lot of pain' to come, Franklin Templeton's Hasenstab says
El-Erian: It's Hard for Fed Not to Hike Rates Now
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December has been a bruising month for bond traders and we’re only four days in.
The value of the U.S. fixed-income market slid by $162.5 billion on Thursday while the euro area’s shrank by the equivalent of $107.5 billion as a smaller-than-expected stimulus boost by the European Central Bank and hawkish comments from Janet Yellen pushed up yields around the world. A global index of bonds compiled Bank of America Merrill Lynch slumped the most since June 2013.