Bond Bulls at JPMorgan, Allianz Double Down on a Bet Gone Bad
- Treasury returns turn negative for 2023 as yields jump
- Wait for elusive recession and policy pivot gets costly
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Convinced a recession in the US was near, some of the world’s most prominent money managers loaded up on government bonds this year in a bold bet that would atone for the punishing losses suffered in 2022.
That strategy is now misfiring once again, saddling them with subpar returns and testing their resolve as the selloff deepens week after week.