Economics
Not Even Jerome Powell Gets What’s Up With the Bond Market
- Powell said there’s no consensus explanations for low yields
- Real yields fall to record low after Wednesday’s Fed decision
This article is for subscribers only.
You’re in good company if you can’t figure out why U.S. Treasury yields are tumbling. Jerome Powell isn’t sure either.
Bonds have relentlessly rallied for months, even as inflation spikes to 13-year highs. Textbooks and Wall Street lore say yields should be jumping instead of diving in the face of that.