Janet, Jay, Kazuo and the Mysteriously Falling Bond Yields
The bond market rallied after actions from the Treasury, Fed and Bank of Japan, but the trend on yields is still firmly upward.
Janet Yellen and Jerome Powell confer at the G-7 in Japan in May.
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US Treasury bonds form the largest, most liquid and important securities market on the planet. Many things move it, but nothing can change it unaided. Bear this in mind on a day when two of the three institutions with the greatest power to shift it — the Federal Reserve and the Treasury Department — acted only hours after a big announcement from the third, the Bank of Japan, whose massive interventions in its own bond market have pressed on yields across the world. There was also the customary heavy download of data that comes at the beginning of every month.