Bill Dudley, Columnist

The Great US Treasury Bond Rout Is Far From Over

Rising yields and falling prices will wreak more havoc — and perhaps refocus attention on the government’s troubling fiscal trajectory.

June 29, 2023 at 10:00 AM UTC

By Bill Dudley

Bill Dudley is a Bloomberg Opinion columnist. A former president of the Federal Reserve Bank of New York, he is a member of Coinbase Global's advisory council.

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Photographer: Mandel Ngan/AFP/Getty Images

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Yields on long-term US Treasury securities have risen, and prices have fallen, farther and faster over the past few years than at any time since the 1980s. This has wreaked no small amount of havoc — contributing, for example, to the recent demise of several regional banks.

I have what might be disconcerting news: It’s not over.