Wolf Richter www.testosteronepit.com
After they were downgraded in early August, US government bonds gained upward momentum and yields fell below 2% for the 10-year T-note. Japan, which has danced the downgrade tango for years, is now contemplating the next step, this one from AA- to A+, yet 10-year Japanese Government Bonds are yielding below 1%. Downgrades of sovereign bonds of developed countries make good headlines, but their impact on bond markets has been nil. With one exception:
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