Biggest Blowout in Bonds Since the 1980s Sparks Everything Rally
- Yield plunge spurs advance in stocks, credit, emerging markets
- Investors see scope for more gains with Fed cuts on horizon
This article is for subscribers only.
In a year in which little has gone right in the US bond market, November turned out to be a month for the record books.
Investors frantically bid up the price of Treasuries, agency and mortgage debt, sparking the best month since the 1980s and igniting a powerful pan-markets rally in everything from stocks to credit to emerging markets. Even obscure cryptocurrencies, the sort of speculative, uber-risky assets that struggled when yields were soaring, posted big gains.