Traders in the world’s biggest bond market likely wished for some peace and quiet after the final weeks of 2018. From early November to the start of January, benchmark 10-year Treasury yields tumbled 70 basis points as investors flocked to havens amid a vicious stock market rout.
Now, almost two months later, they’re left to wonder if the $15.6 trillion market has become too quiet. Bank of America Corp.’s MOVE Index, which dates back to 1988 and tracks price swings on U.S. Treasury options, came within spitting distance of a record low this week. The index value touched 44.5 on Wednesday, close to the all-time low of 44 in November 2017 and another near-record of 44.3 in October 2018.