Longer dated US bond yields drifted lower last week following the unemployment data which threw up no major surprises. Bond yields both abroad and at home have been a great illustration of how markets get ahead of themselves during periods of both euphoria and despair, bond yields soared in April as the economic recovery accelerated and investors found themselves caught in a more muted mindset but as the data has confirmed things are indeed improving over the last few months yields have drifted lower i.e. the market simply got ahead of itself which helped the Banking Sector in particular.
MM is looking to buy US bond yields into current weakness
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NB Due to their inverse relationship when you buy bond yields you actually sell the underlying bonds themselves.
