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The bond market is in rebellion over Biden’s stimulus — but not because it would be bad for the economy

10 yr yield

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The Treasury market has made it clear: the Federal Reserve is a downer.

Optimism toward the US economic recovery flourished over the past week. Daily COVID-19 case counts fell further from their January peak. Vaccinations continued across the country, hinting the pandemic could fade in just a few months. Economic data beat expectations. And Democrats pushed forward with President Joe Biden’s $1.9 trillion stimulus proposal, aiming to accelerate the rebound even more.

And yet, these encouraging developments fueled a sudden shock in the Treasury market.

Investors looking to capitalize on a swift recovery dumped details ⇒

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