Treasury Market Rally Is Stronger Than Every Economist Predicted
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This year’s Treasury market rally has been stronger than every economist surveyed by Bloomberg News predicted.
Ten-year yields that slid to 2.32 percent yesterday were lower than the levels projected by all 66 economists surveyed for their Sept. 30 forecasts. Even as the Federal Reserve scales back the bond-purchase program it has used to support the U.S. economy, Treasuries are drawing demand as yields in Europe fall to records amid speculation the European Central Bank will increase its efforts to cut borrowing costs. Fighting in Ukraine is spurring investor appetite for the safest securities.