Bill Gross's 2.6% Yield Mark Proves Elusive as Bond Bears Denied
- After probing key level, 10-year U.S. yield retreats
- Once QE tapering begins, 2.6% will be ‘under siege’: Gross
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The Treasury market’s bulls and bears are ending the quarter in a virtual stalemate, a sign of skepticism toward the economic outlook that belies the near-record levels in U.S. stocks.
Treasuries have gained about 0.7 percent this year, stabilizing after the biggest quarterly loss since the 1980s. Ten-year yields sank to 2.35 percent this week, not far from this year’s lows. The descent marks a reversal from just two weeks ago, when they briefly exceeded 2.6 percent and threatened to break above an area flagged by market veteran Bill Gross as potentially signaling the start of a bear market.