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Bond Traders Question the Bear Market

  • Ten-year Treasury note recovers after auction lures buyers
  • Even Bill Gross, who called bear market, sees ‘mild’ losses
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Bill Gross, fund manager at Janus Henderson, describes why he’s now short on bonds.(Source: Bloomberg)
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Bond traders want to know: Is this really what a bear market looks like?

Ten-year U.S. yields flirted with the highest levels since 2014 Wednesday as longtime pillars of support for the world’s biggest bond market showed signs of eroding, raising the specter of even deeper losses. After all, global central banks are gradually pulling back stimulus and senior government officials in China are said to have recommended that America’s biggest foreign creditor slow or halt purchases of Treasuries.