A punishing December capped a year investors will be keen to forget, when almost every major asset class fell. The volatility that marked 2018 sets up some key conundrums facing markets in 2019.
Is the US bond market too pessimistic?
The 10-year US government bond yield is arguably the most widely watched and influential interest rate in the world, and the market turbulence of 2018 shows that investors are acutely sensitive to its movements. As last year drew to a close, the $14tn market staged a robust rally, cramming down yields as fixed-income investors began to anticipate a US economy coming down from the stimulus-induced high.
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