The writer is a portfolio manager on the US government securities team at DoubleLine Capital
Traders betting on a further sustained rise in interest rates might want to listen more closely to what the US Federal Reserve is saying.
There have been a lot of comparisons made in markets between recent volatility and the so-called Taper Tantrum in 2013 when rates rose sharply after the Fed signalled it might begin to scale back bond purchases.
In my view, the recent rise in interest rates has been driven by a confluence of the unwinding of trade positions caught offside in the Treasury market, market illiquidity and other technical factors.
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