Brian Chappatta, Columnist

Dow 30,000 Optimism Not Matched by Bond Traders

The back-to-normal rotation still hasn’t reached U.S. Treasuries.

November 24, 2020 at 6:56 PM UTC

Brian Chappatta is managing editor of Bloomberg News' leveraged finance and distressed debt teams. He was previously managing editor and team leader of its wealth group. Before that he was a Bloomberg Opinion markets and finance columnist and a bonds reporter for Bloomberg News.

Rational exuberance?
Photographer: Amir Hamja/Bloomberg

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

You can almost feel the frustration starting to boil over in the world’s biggest bond market.

First, it was the risk of an unpredictable U.S. election that scared traders away from pushing for a breakout higher in U.S. Treasury yields. But once it became clear that Joe Biden would be the next president, and Pfizer Inc. unveiled a vaccine that was heralded as the most promising scientific advance in the fight against Covid-19, it seemed as if the benchmark 10-year yield was destined to reach 1% for the first time since March. After all, stocks were hitting records on economic optimism — surely Treasuries would sell off from this unshackled exuberance?