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The bond market is flashing a signal it hasn’t flashed in more than four years

Sep. 14, 2016 9:12 PM ETAGG, GBF, JMM, PAI, BND, PTY, BTZ, BHK, VBF, PCM, RCS, SAGG, ICB, JHI, TAI-OLD, SCHZ, BOND, DBL, IUSB, FBND, VBND, INC-OLD, UBND-OLD, SPAB, GTO, AGGE, AGGP, DWFI, AGGY, RABy: Eli Hoffmann, SA News Editor16 Comments
  • The extra yield that investors demand to own 30-year Treasurys rather than five-year notes, a measure of the yield curve, increased for a ninth straight day today. That’s the longest streak since 2012.
  • Traders are favoring shorter maturities, anticipating the Fed will continue to keep interest rates in check, potentially stoking inflation and eroding the value of debt maturing decades in the future.
  • The last time the yield curve steepened this quickly was Aug. 2012. At the time, primary dealers were offloading billions in 30-year bonds to the Fed as part of its debt-buying program.
  • ETFs: AGG, BND, BOND, PTY, RCS, DBL, BTZ, HTR, SCHZ, PCM, JHI, BHK, BNDS, JMM, TAI, INC, ICB, FBND, VBF, PAI, IUSB, SAGG, GBF, VBND, GTO, AGGE, AGGP, AGGY, DWFI, UBND
  • via Bloomberg

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