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Inflation Trade in Treasuries Is Spent, Janus Henderson Says

  • U.S. 10-year is a buying opportunity at 1.25%-1.5%: Cielinski
  • Money manager favors high-yield corporate bonds and mortgages
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Investors betting on a U.S. recovery might be assuming too much in the way of price increases, according to Janus Henderson.

Growth will pick up, says the global head of fixed income, Jim Cielinski. But investors anticipating a rebound in inflation may want to look at the Japanese experience, where massive government spending with low interest rates led to a collapse in volatility rather than surging yields, in his view.