The Most Stubborn Trump Trade Begins to Budge
- Benchmark 10-year note stages longest advance since June
- Dollar rally, Fed rate-hike bets already lost steam this year
Despite the Uncertainty, Stocks Keep Rallying
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Investors betting that the Trump-inspired reflation trade would sound the death knell for the three-decade bond bull market may have to wait at least a little longer.
The wager against Treasuries, among the most resilient trades in the wake of Donald Trump’s election, is showing signs of crumbling. The benchmark 10-year note gained for a fourth straight day, the longest streak since June, amid fading hopes that the administration would hammer out comprehensive fiscal stimulus any time soon.