The Weekly Fix: Bonds Buyers Found a Dip; Disrupting Junk Debt

Jerome Powell, chairman of the U.S. Federal Reserve, prepares to depart from a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Jan. 11, 2022. Powell said the central bank will prevent higher inflation from becoming entrenched while cautioning that the post-pandemic economy might look different than the previous expansion. — Jerome Powell, chairman of the U.S. Federal Reserve, prepares to depart from a Senate Banking, Housing, and Urban Affairs Committee confirmation hearing in Washington, D.C., U.S., on Tuesday, Jan. 11, 2022. Powell said the central bank will prevent higher inflation from becoming entrenched while cautioning that the post-pandemic economy might look different than the previous expansion.Photographer: Graeme Jennings/Washington Examiner

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By Katie Greifeld

January 21, 2022 at 10:00 AM UTC

Welcome to the Weekly Fix, the newsletter disrupting fixed-income newsletters. I’m cross-asset reporter Katie Greifeld.

Up until the past day or so, the Treasury market has felt like a one-way trade so far this year. But after 10-year yields cracked 1.9% on Thursday -- the highest level since January 2020 -- the bond selloff appears to be taking a breather.