A sell-off in US government debt intensified on Tuesday, sending 10-year Treasury yields clearly above 2.5 per cent and prompting two “bond kings” to proclaim a new era for fixed income.
Bill Gross, the long-time fixed income investor, said that a “bond bear market [was] confirmed today”, after yields on the 10-year note rose by 7 basis points.
Meanwhile, Jeffrey Gundlach, the founder of DoubleLine Capital, declared that central bank policy was shifting to an “era of quantitative tightening”, following the Bank of Japan’s decision to trim its purchases of long-dated Japanese government debt.
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