For the first time ever, the average yield has fallen below 6%, after spiking to 10% in late 2011.
By speaking regularly and aggressively about a second round of quantitative easing, they have been successfully jawboning inflationary expectations higher, as attested to by the recent dip of TIPS into negative yield territory for the first time.
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For the first time in several years, Treasuries outperformed the high yield sector, but this should be a short lived phenomenon.
But on May 15th the short-term yield curve turned positive for the first time in 16 months, usually an indicator that the market thinks enough easing has taken place.
On Tuesday, Germany - the biggest economy in Europe - saw its bond yield drop below the inflation rate for first time since reunification.
The biggest star was the 30-year Treasury bond, which registered a 35% return, while the benchmark 10-year note gained 17%, with the yield finishing below 2% for the first time since at least 1977.
"It has been an opportune time for corporate borrowers from Eastern Europe to tap the international bond markets, with many Russian, Kazakh and Ukrainian names taking advantage of the stretch for yield to borrow in dollars for the first time since the global crisis, " says Richard Segal, emerging-market strategist at Jefferies International.
That means it exceeded the yield on the ten-year Treasury note for the first time since 1958.
The news came as the yield on traded Spanish government bonds rose above 6% for the first time since August.
Investors fleeing from risk drove the dollar up and pushed the yield on one-month Treasury bills into negative territory for the first time in ten months.
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Compare to Japan where the yield on the 10 year JGB just dipped below 1% for the first time in 7 years.
U.S. Treasury bonds also sold off on the Fed news, with the yield on the 10-year note rising above 2% for the first time since March.
As stock prices plunged, there was a rush to safety as the yield on the ten-year Treasury dropped below 3% for the first time since last December.
Italian 10-year bond yields rose above those of Spain for the first time in fifteen months on Friday, with both holding above 6%, making them yield more than Brazilian sovereign bonds priced in dollars.
At 1.99%, the yield on the 10-year Treasury note closed below 2% for the first time ever.
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