Roaring Reflation Forces HSBC, BlackRock, Axa to Drop Bond Bets
- Steven Major drops buy recommendation on 30-year Treasury
- BlackRock strategists turn underweight on government bonds
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The intensifying bond selloff is forcing a rising tally of money managers to scale back market exposures while Wall Street strategists are paring back their bullish playbooks.
Investment firms including BlackRock Inc.’s research arm and Aberdeen Standard Investments are retreating from government bonds. Strategists have revamped their end-2021 forecasts at the fastest pace in two years. Surging yields have prompted a rethink at HSBC Holdings Plc, where global head of fixed income research Steven Major’s consensus-defying calls on the low-for-longer era have been largely vindicated over the years.