The Search for High-Yield Points to U.S., Says Stealey
It takes a lot to rattle Treasuries traders these days. Not since 1962, when John F. Kennedy was president and Bob Dylan released his first album, have they demanded less compensation to own a long-term U.S. government bond rather than a shorter one. In fact, they don’t demand anything at all. A Federal Reserve Bank of New York measure of the 10-year term premium, a product of the perceived riskiness of longer-dated securities, fell to negative 0.38 percentage point Tuesday. Many bond professionals view a level below zero as signaling the debt is theoretically overvalued. JPMorgan Asset Management Portfolio Manager Iain Stealey discusses with Bloomberg's Anna Edwards on "Countdown."
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