Economics
Michael Hasenstab Won't Give Up His Big Bet Against Treasuries
- Templeton fund at odds with growing raft of Wall Street names
- $33.5 billion fund uses interest-rate swaps to short duration
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One of the biggest contrarians in the bond market is holding firm to a long-held wager that Treasury yields are poised to break out even as global growth fears turbocharge the opposing side of the trade.
Franklin Templeton bond chief Michael Hasenstab remains steadfast in his conviction that the Federal Reserve will raise interest rates this year -- putting him at odds with the futures market and the growing raft of Wall Street voices fretting a brewing U.S. downturn.