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Wall Street’s Bond Gurus Have the Fed’s Balance-Sheet Unwind All Wrong

  • During periods of central-bank purchases, Treasury yields rose
  • Fed likely to announce start of balance-sheet runoff this week
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Pimco's Crescenzi Says Rates Anchored by New Neutral

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On Wall Street, the conventional wisdom is that once the Federal Reserve finally starts to whittle down its crisis-era debt investments, U.S. Treasury yields will have nowhere to go but up.

But to some bond investors, history suggests the consensus couldn’t be more wrong.