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Wake Up, Bond Traders: Market Is a Volatility-Free Bore

Wall Street bond traders could use an espresso.

U.S. government-debt dealers just had the slowest April since 2010 even though the market has ballooned by about 37 percent since then, Federal Reserve data show. Prices are barely budging, with volatility plunging toward record lows. The debt just won’t drop in value, regardless of how many investors put on bearish wagers in anticipation of rising interest rates.