Goldman Chooses Cash As It Downgrades Bonds

Long bonds are in for more pain as the bank moves them to underweight.
Photographer: Eric Thayer/Bloomberg

The market's summer Goldilocks phase — characterized by still-low rates, continued monetary support, and an upturn in economic data — has come to an abrupt end. Recent data releases fell short of expectations and a jump in government bond yields is roiling markets around the world.

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