Debt Market Distortions Go Global as Nothing Makes Sense Anymore
- Rates on interest-rate swaps plunge below Treasury yields
- Worries over `something bigger brewing under the surface'
What's Driving Swap Spreads Lower?
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Something very strange is happening in the world of fixed income.
Across developed markets, the conventional relationship between government debt -- long considered the risk-free benchmark -- and other assets has been turned upside-down.