Longer dated US bond yields continued to drift lower last week with the US 30-years plumbing levels not seen since February as questions around the global economic recovery intensify. With COVID cases also increasing in both New York and the UK fund managers are clearly starting to place bets that inflation will rise in a milder fashion than initially thought at the start of 2021, we feel ultimately they will be proved wrong but it still feels a little early to fight the downside momentum.
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.
