Depleted armoury to fight global downturn

Bond yields have tumbled globally in the past month in the latest leg to the rally that commenced last autumn.

It has been a feeding frenzy in fixed income markets, recently, as investors act like a chasing pack, hunting down yield and duration everywhere.

The decline in bond yields has been spectacular. Ten-year Treasury yields fell to 2.35% from 2.75% at the start of March, having been as high as 3.25% last autumn.

Meanwhile, the US curve has inverted, with 10-year treasury yields dropping below short-term interest rates.

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