Bonds
Global Bond Market Mood Souring Ahead of Pivotal US Jobs Report
- Strength in data seen potentially leading Fed to hike again
- Treasury market’s 2023 gains almost erased as yields soar
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The mood is rapidly souring in the world’s bond market, raising the stakes for Friday’s much-anticipated US monthly jobs data.
A surge in long-term yields to their highest since November has seen the Treasury market shed all its gains for 2023, crushing hopes for a rebound from last year’s record 12.5% loss. The move has spilled over to bond markets from Europe to Asia Pacific as traders pull back bets on the world’s biggest economy falling into recession.