Falling Bonds, Rising Yields

Bond prices in the US, Europe and Japan have been sliding since December. At 4.11%, European 10-year government bond yields are at the highest level since  7/6/06, while at 4.88%, US bond yields are at their highest level since 8/15/06.


Graphic courtesy of Michael Panzner

From the Fed’s perspective, while falling energy prices have acted as the equivalent of rate cuts, rising yields are moving to cancel those out.

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