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By Mike Dolan LONDON (Reuters) - Markets may be missing the mix. As financial markets parse monetary policy tea leaves by the hour and remain in thrall to
(Bloomberg) -- Investors plagued by fear and shunning stocks are rediscovering a time-honored antidote: U.S. government bonds. That may seem surprising, given that the Treasury market has been battered by its worst losses on record this year.
Central banks risk losing the battle for stable prices as long-dormant inflation narratives and memories reawaken, adding a more complex psychological twist to task than simply tightening monetary policy. Far from being solely an excess money thing, as strict monetarists insist, many economists reckon the return to a high inflation regime relies as much on ...
'Nobody knows where this ends and we are in a maximum uncertainty environment that requires a rethinking for most investors,' said Peter Garnry.
A rebound in global markets that began in New York extended into the Asian day, with traders betting on equity and currency markets linked to commodities, while others bought assets deemed to have been oversold. The MSCI Asia-Pacific Index of shares rose about 1 percent after dropping 3.1 percent the day before. That came after the S&P 500 closed 1.5 percent higher in New York, while the Cboe Volatility Index fell from a one-month high. Benchmark Treasury 10-year yields slipped by about 3 basis points after a similar move on Thursday. Strategists and fund managers are favoring equities and...